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

TISA’s MiFID II Technical Solution Gathers Pace, Vendor to be Confirmed by November

Subscribe to our newsletter

TISA, the investing and saving membership alliance, has reported a high-quality response from suppliers to its Request for Information phase towards developing an industry-sponsored technical solution for MiFID II reporting.

Part of TISA’s MiFID II Costs & Charges and Target Market reporting project, which is setting standards and developing a governance framework, the technical solution aims to resolve the problem of delivering European MiFID Templates (EMTs) by asset managers to distributors to a set of common standards.

“Currently there are multiple solutions in place that whilst meeting the need of the relevant legislation have none-the-less introduced substantial costs and created significant complexity with resultant risks. Last December we tested a distributed ledger technology solution via a hackathon. This demonstrated the efficacy of publishing the EMT once and then allowing other firms to access the data. This RFI formed the next step in the process to verify the possibilities for a technical solution and its cost effectiveness,” says Jeffrey Mushens, TISA Technical Policy Director.

“The RFI responses have highlighted that this approach offers material benefits to the industry both in terms of cost reduction and in enhancing accuracy and compliance. We will therefore progress to the next phase which will be to issue an RFP to short-listed vendors in the autumn and, given the quality of the RFI responses, we are confident that we should be able to deliver a solution for the industry by the summer of 2020.”

The 200-member group is currently considering vendor proposals and will announce the selected vendor by November 7, 2019.

TISA’s MiFID II project has already successfully developed open standards for both downstream and upstream MIFIDII reporting, achieved ISO20022 accreditation and delivered an industry standard EFT and guide for Upstream Target market Reporting. TISA’s MiFID II practitioner guides are now being widely adopted and, with the work of the European Working Group (EWG), mean that the data being collected and distributed is in most instances of a standard form, typically via the EWG-sponsored EMT. This progress lends itself to the development of an industry-based solution.

TISA’s MiFID II industry project is overseen by a Steering Group of participating member firms, and the organisation notes that opportunities still exist for asset managers, distributors and service providers to join the group and help in shaping the eventual solution.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Hearing from the Experts: AI Governance Best Practices

The rapid spread of artificial intelligence in the financial industry presents data teams with novel challenges. AI’s ability to harvest and utilize vast amounts of data has raised concerns about the privacy and security of sensitive proprietary data and the ethical and legal use of external information. Robust data governance frameworks provide the guardrails needed...

BLOG

Don’t Forget People and Process when Deploying Agentic AI

When the financial industry talks ‘agentic AI’, there’s a tendency for the conversation to quickly devolve into cutting-edge technologies – large language models (LLMs), neural networks, generative algorithms (GenAI) etc. Agentic AI is really about transforming the business processes that define firms’ operations and the roles that supervise them. Success is dependent on more than...

EVENT

TradingTech Briefing New York

Our TradingTech Briefing in New York is aimed at senior-level decision makers in trading technology, electronic execution, trading architecture and offers a day packed with insight from practitioners and from innovative suppliers happy to share their experiences in dealing with the enterprise challenges facing our marketplace.

GUIDE

The DORA Implementation Playbook: A Practitioner’s Guide to Demonstrating Resilience Beyond the Deadline

The Digital Operational Resilience Act (DORA) has fundamentally reshaped the European Union’s financial regulatory landscape, with its full application beginning on January 17, 2025. This regulation goes beyond traditional risk management, explicitly acknowledging that digital incidents can threaten the stability of the entire financial system. As the deadline has passed, the focus is now shifting...