Gary Wright, Managing Director, CityCompass Research and creator of the unique business benchmarking concept said âWe have all heard the hype over the last year from numerous software vendors concerning their systems capability of providing value solutions for the markets needs in order to achieve MiFID compliance. Itâs a very confusing message for the financial services firms to understand, with so many different suppliers all purporting to have the answer.
Which systems have MiFID capability or how much is pure marketing fantasy?
The B.I.S.S. Benchmarking concept has already been successful over the years in highlighting the true functionality of systems, in diverse software such as Corporate Actions, Reference Data, XBRL, Web Services and Integration and has demonstrated the vendorâs true systems or services capability.
As there is such a short time frame for MiFID implementation and therefore selection of relevant software, this MiFID benchmarking will prove a valuable asset to the buyer in choosing the best systems applicable for various Organisations.
The benchmark tests will be focussed on the exact user requirements for each different type of system or service. For example Integration and Web Services will form one type of Benchmark, Market Data another, Front/Back office systems another and so on.
The benchmark tests will be scored by an expert industry panel of users, which will determine which systems meet the MiFID requirements and thus the buyersâ needs.