Now MiFID II go-live has taken place, the FCA’s focus is starting to turn to the quality of the transaction reporting data being received by its Market Data Processor (MDP).
Kaizen’s CEO Dario Crispini spoke with Rachel Wolcott at Thomson Reuters Accelus about the enhanced new tools the FCA has in place for monitoring transaction reporting data quality under MiFID II.
“Fixing data quality problems early will help firms manage regulatory risk as well as the overall cost of reporting, perhaps even bringing it down,” Dario told Thompson Reuters.
“The sooner they (firms) do the data quality assessments they’ll be in a better place to get fixes done without having to reallocate resources to new IT projects. When we look at EMIR and Dodd-Frank Act reporting there’s still issues known about for a long time but there’s just not enough resources to put in those fixes,” he said.
The FCA’s Market Data Processor (MDP) has far superior analytical tools and exception alerts which will make the FCA’s surveillance more proactive and timely.
Read the full article: UK regulator to check MiFID II reporting data quality shortly, despite systems glitches (a subscription-only site).
Dario also spoke to Thomson Reuters about the challenges trade repositories in Europe are facing when it comes to managing data quality issues.
Read the full article Trade repositories need constant supervisory hand holding to manage data quality-ESMA (subscription-only site).