Oracle and Oracle Partner Network Member IdenTrust, announced today that they will host, a management briefing, titled “MiFID – Getting Started,” at Oracle’s City offices on 25th of May. The organizations will conduct the program in conjunction with standards harmonization body TWIST and Simplex Consulting.
The securities industry is now starting to digest the impact that MiFID will have on the sector, with average MiFID budgets being estimated at around $22 million per firm (Tower Group). System changes to support regulations such as pre-/post- trade transparency, best execution, passporting and conduct of business, all need to be addressed. Although some firms have researched the overall impact of MiFID on their businesses, this has mostly been carried out within specific departments rather than across the whole organisation. The question now facing many firms is where to begin?
The client on-boarding process is the point at which information is first entered into a securities firm's systems. For best execution, trade transparency, and regulatory compliance, this first step is a critical link in the chain. ‘MiFID - Getting Started’ will bring together prime brokers, broker dealers, hedge funds and large securities firms to explain how to initiate MiFID implementations with a globally consistent client on-boarding process thereby enabling downstream MiFID compliance.