Best Overall Data/Service Provider: SIX Financial Information

The Zurich-headquartered vendor continues to prove its commitment to solving industry challenges by working with clients. This collaborative approach was highlighted by the Sanctioned Securities Monitoring Service, which won SIX the Most Innovative Regulatory Solution award this year, and other recent launches to help firms meet IRS 871(m), CRS/AEoI and investor protection rules. “I think people are starting to realize that SIX Financial Information is the innovative vendor focused on key regulatory, compliance and tax issues,” says Phil Lynch, head markets, products and strategy at SIX Financial Information.

 One of the services that will set SIX Financial Information apart going forward is its new Regulatory Hub, which is currently in the prototype phase. It is designed to improve the flow of information between the buy side and sell side to allow product-related data and documents to be exchanged in a standardized way, helping firms comply with multiple regulations. “The capability for bi-directional information exchange is something we see needing to happen more and more. The buy side and sell side need to create an automated way of exchanging information, delivering the right information to the customers in real time and ensuring they have an audit trail to prove they meet regulation,” says Lynch.

 As part of this document exchange portal, there is also a special DocGen service to help firms create Packaged Retail and Insurance-based Investment Products–Key Information Documents (PRIIPs-KIDs) on demand from standardized templates to comply with the PRIIPs regulation and requires financial institutions to outline the risks and costs of PRIIPs investments in KIDs. 

With all eyes on Europe for the looming MiFID II and PRIIPs-KIDs deadlines, SIX Financial Information is also seen to be in a unique position with its Zurich headquarters. “So many of the new regulations are [from] Europe, and it is the same with the tax reporting focus,” says Lynch, adding that this, coupled with the vendor’s strong position in Europe, means that “clients rely on SIX to be a thought leader”. With a drive to bring innovative solutions to solve the big industry issues, it looks like SIX will be exactly that.