SunGard Launches MiFID Hub Solution to Help Meet Increased Recordkeeping Requirements of MiFID

London - 26 March 2007

SunGard today announced the launch of the MiFID Hub™ solution to help firms meet the increased recordkeeping requirements imposed by MiFID. The MiFID Hub solution, developed by SunGard’s EXP business unit, incorporates ideas and feedback from more than 70 financial services institutions that attended SunGard’s recent MiFID collaboration workshops in Brussels, Frankfurt, London and Stockholm. More than 70% of workshop attendees believe that they will have to significantly increase their recordkeeping capabilities to meet the MiFID recordkeeping obligations.

MiFID requires firms to store a large variety of records for a period of at least five years. The data retention and retrieval requirements are significantly more complex than current regulatory obligations. For example, trade data has to be captured and stored in such a way as to allow each key stage of a trade to be reconstituted, potentially several years after the trade. The MiFID Hub integrates with a financial institution’s front-, middle- and back-office systems, dynamically capturing and consolidating information for archiving on durable media. The MiFID Hub’s Web-based GUI facilitates rapid data retrieval in the event of a regulator or client query. By providing post-trade transparency, the MiFID Hub can also be used to replay a trade in order to help prove compliance with a firm’s best execution policy, as well as present the process data necessary to analyse and help improve those policies.

“Most attendees at the SunGard MiFID collaboration workshops believed they will require more complex recordkeeping capabilities in order to comply with MiFID,” said Dirk Lueth, senior vice president of SunGard’s EXP business unit in EMEA. “We have held a number of more detailed one-on-one workshops with financial institutions that attended the workshops, and our MiFID Hub solution has the ability to help customers meet the new requirements.”

The MiFID Hub was developed using scalable open-standards technology, helping ensure rapid time-to-market and ease of integration with an organisation’s existing hardware, operating system, database and messaging architecture. The data captured by the MiFID Hub can include trade lifecycle records, tick data, client marketing communications, organisational and departmental complaints procedures, and any other data required for regulatory or business reporting purposes.

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