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MiFID Increases Depth, Complexity Of Data Management, Firms Say

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Data managers are grappling with some “deep and complex” issues related to vital functions such as trade reporting since the introduction of MiFID in Europe, London-based practitioners say.

One challenge has arisen in particular, sources say, specifically related to inconsistencies between data issued by data vendors, trade reporting bodies like Boat and the Committee of European Securities Regulators (CESR) on average daily turnover. Depending on the band an instrument is in and volume, trades have to be reported either within three minutes or within a longer time period but, they say, inconsistencies in the information available are threatening market transparency, since some firms are being led to report trades in a certain stock of a certain size immediately, while others are delaying reporting of equivalent trades based on information they’re receiving.

The views of those observers who said that from a data management perspective MiFID’s introduction would be the beginning, not the end, of the challenges that had to be faced, have been proved right, sources suggest.

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