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 institutionâs front-, middle- and back-office systems, dynamically capturing and consolidating information for archiving on durable media. The MiFID Hubâs 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 firmâs best execution policy, as well as present the process data necessary to analyse and help improve those policies.
âMost attendees at the SunGard MiFID collaboration workshops believed they will require more complex recordkeeping capabilities in order to comply with MiFID,â said Dirk Lueth, senior vice president of SunGardâs EXP business unit in EMEA. âWe 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.â
The MiFID Hub was developed using scalable open-standards technology, helping ensure rapid time-to-market and ease of integration with an organisationâs 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.