IHS Markit’s collaboration with Deloitte on MiFID II counterparty entity classification and terms of business repapering builds out the company’s MiFID II product portfolio, which already includes transaction reporting based on the IHS Markit enterprise data management (EDM) solution.
The Deloitte collaboration follows IHS Markit’s introduction of the Outreach360 regulatory compliance communication platform last month and makes the consultancy’s regulatory expertise available as a managed service on the platform, along with MiFID II data standardisation, client outreach and counterparty terms of business repapering services.
Darren Thomas, managing director and head of Counterparty Manager at IHS Markit, says: “The industry is deciding what technology to use and how to resource client outreach. Buy-side firms will use the Outreach360 platform to reach out to their brokers and dealers.”
IHS Markit is working with Deloitte to define MiFID II requirements for its clients and show how compliance measures can be implemented. With Outreach360 as a collaborative platform, Deloitte’s resources, advice and consulting can help users establish and launch regulatory compliance projects, and track progress, ahead of the 3 January 2018 MiFID II compliance deadline.
The terms of business repapering element of the collaboration supports the updating of business terms of accounts to address new regulations affecting pre- and post-trade transparency, market structure, order routing and classification of clients. Thomas says: “Repapering means 30,000 to 60,000 clients have to be reached in the next five to six months.” To achieve this, Outreach360 is attached to IHS Markit’s Counterparty Manager platform, which has a community of more than 10,000 buy-side firms and corporates, and over 200 banks.