The first Market Data Meet-up event has taken place in London in April 2017 – with the topic of MiFID II prompting some lively discussion and interesting poll results.
The networking event, where insight is provided on complex market issues alongside after-work drinks and pizza, considered preparations for MiFID II and how the European directive will affect markets as a whole.
The gathering began with a poll question: “If you could choose one word to associate with MiFID II, what would it be?” The responses provided a great gauge on what everyone thinks about MiFID II right now: “it’s complicated!”
Data opportunities
We had three experts on hand to sort through the confusion and shed some light on the opportunities that MiFID II will create.
Tom Kennedy, Global Head of Analytics, kicked off the discussion by focusing on the increased transparency expected by European regulators.
He said: “We’re going to see a lot more pre- and post-trade information, which aids things like price discovery, pre-trade analytics, and overall better systematic use of data.”
Dan Seal, a senior VP at data analytics vendor Kx Systems, acknowledged the challenge that MiFID II will create for firms, particularly the cost burden of continually trying to integrate their data sets.
He said: “To bring their technology together, to actually conform to that compliance — all of that is an enormous burden.”
However, he pointed out that “firms that take the opportunity to centralize their data sets — driving costs down — can actually future-proof themselves as well.”
Transparent thinking
The heart of the Market Data Meet-up is collaboration, and part of that collaboration is having the chance to ask questions of our expert panel.
This included a question on inter-dealer brokers and how to find opportunities when data must be given up, free of charge, in 15 minutes.
Don Scott, a director in regulatory advisory at KPMG Ireland, said it was important to think about how you’re making the data public and what type of data you’re publishing.
He said: “With post-trade transparency, a lot of people are considering Approved Publication Arrangements (APAs). That’s going to mean a lot of people are sending information to an APA, which would then be free.
“You have to provide some sort of open access, but you do have some discretion in how it is done.”
Boost your confidence
Another poll question was raised for the audience. “How confident are you that your organization is prepared for MiFID II?”
50% of the audience were unsure and almost 20% said they were not confident.
Don Scott had some wise words for organizations still working on their strategy for complying with MiFID II.
He said: “Try to understand MiFID and how it impacts your organization as well as how it interacts with other regulations near General Data Protection Regulation and all other regulations in the industry right now.”
Better collaboration
This event was all about coming together to collaborate on how to prepare your organization for MiFID II.
Audience members gained insights that will hopefully allow them to not only comply, but also utilize opportunities that will cause them to be one step ahead of the competition.
Find out more about the effect of MiFID II across the financial spectrum
Partnering with us opens the way to meeting MiFID II requirements and continuing to stay competitive. Contact one of our MiFID experts now and visit mifidii.com.
