About a-team Marketing Services

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: Approaches to ESG data for analytics

Volumes of ESG data are huge and continue to grow, questioning how financial institutions with a focus on ESG investing can continuously capture and contain required data sets, master and integrate the data, and ensure data quality for meaningful analytics. This webinar will consider approaches to ESG data and data management for analytics, the challenges...

BLOG

Alveo Integrates QuantLib into Ops360 to Deliver No Code Curve Builder Capabilities

Alveo, a provider of cloud-based market data management services, has extended its Ops360 data operations solution with the integration of QuantLib for advanced analytics. The functionality allows any appropriately permissioned business user to drag and drop input data sets into functions and set parameters to derive data and kick off the calculation of curves and...

EVENT

RegTech Summit APAC

Now in its 2nd year, the RegTech Summit APAC will bring together the regtech ecosystem to explore how capital markets in the APAC region can leverage technology to drive innovation, cut costs and support regulatory change. With more opportunities than ever before for RegTech to add value, now is the time to invest for the future. Join us to hear from leading RegTech practitioners and innovators who will share insights into how they are tackling the challenges of adopting and implementing regtech and how to advance your RegTech strategy.

GUIDE

Regulatory Data Handbook 2022/2023 – Tenth Edition

Welcome to the tenth edition of A-Team Group’s Regulatory Data Handbook, a publication that has tracked new regulations, amendments, implementation and data management requirements as regulatory change has impacted global capital markets participants over the past 10 years. This edition of the handbook includes new regulations and highlights some of the major regulatory interventions challenging...