About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

MiFID JWG Releases White Paper to Encourage Discussion of Reference Data

Subscribe to our newsletter

The MiFID Joint Working Group last month issued a discussion paper to look at the impact of the EU’s upcoming Markets in Financial Instruments Directive on reference data. The paper – The Implications for Reference Data under the Markets in Financial Instrument Directive – suggests that MiFID may have significant impact on several areas of reference data, including the identification of instruments, of investment firms (and all counterparties), and of trading venues.

In the paper, JWG’s Reference Data Subject Group makes a number of recommendations for uses of reference data as applicable to a various aspects of the MiFID regulation as it now stands. Specifically, the RDSG proposes: the adoption of the ISO 10383 Market Identification Code (MIC) to identify place of listing (POL), place of trade (POT), and place of quote (POQ) for both instrument and venue identification; the extension of ISO 10383 MIC to cover all multilateral trading facilities and regulated markets; the use of the International Business Entity Identifier (IBEI) to identify Systematic Internalizers pending certain clarifications and feedback from trade groups; use of appropriate instrument codes to identify the instrument, where necessary in conjunction with POL and POT/POQ; the use of ISO 10962 Classification of Financial Instrument (CFI) codes for the classification of instruments where there is uncertainty regarding instrument coding or precise type; and pressing ahead with the development and adoption of the ISO 16372 IBEI standard, including (if necessary) an interim BEI solution.
Despite this comprehensive set of proposals, there remains some divergence of opinion over how best to identify market participants, especially when they act as different functions within the MiFID framework. This discussion, which encompasses the possible extension of the MIC code to accommodate these MiFID requirements, or the use of the as-yet unready IBEI code, will be one of several key threads examined in the inaugural issue of our forthcoming sister publication, MiFID Monitor, which is launched at next month’s TradeTech MiFID show in London. (Go to www.mifidmonitor.com to sign up for your free trial.)

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Potential and pitfalls of large language models and generative AI apps

Large language models (LLMs) and Generative AI applications are a hot topic in financial services, with vendors offering solutions, financial institutions adopting the technologies, and sceptics questioning their outcomes. That said, they are here to stay, and it may be that early adopters of Generative AI apps could gain not only operational benefits, but also...

BLOG

Generative AI Will Play Role in Data Management says JP Morgan Chase Executive

Financial institutions are missing a valuable opportunity if they don’t harness the benefits that artificial intelligence (AI) can bring to data management. From accelerating and automating routine processes to mining value from huge data sets, established and generative AI have the potential to transform the way financial institutions use and organise their data, says JP...

EVENT

AI in Capital Markets Summit London

The AI in Capital Markets Summit will explore current and emerging trends in AI, the potential of Generative AI and LLMs and how AI can be applied for efficiencies and business value across a number of use cases, in the front and back office of financial institutions. The agenda will explore the risks and challenges of adopting AI and the foundational technologies and data management capabilities that underpin successful deployment.

GUIDE

Regulatory Data Handbook 2023 – Eleventh Edition

Welcome to the eleventh edition of A-Team Group’s Regulatory Data Handbook, a popular publication that covers new regulations in capital markets, tracks regulatory change, and provides advice on the data, data management and implementation requirements of more than 30 regulations across UK, European, US and Asia-Pacific capital markets. This edition of the handbook includes new...