On May 11, Inside Reference Data hosted a webcast about the Markets in Financial Instruments Regulation, including issues with identifiers and data quality that are related to compliance with the rules
As Europe's Markets in Financial Instruments Regulation (MiFIR) proceeds toward its implementation at the start of 2018, the biggest apparent issue in managing MiFIR compliance data appears to be a familiar one - identifiers. Specifically, reconciling multiple forms of entity and securities identifiers, including the legal entity identifier (LEI), the Alternate Instrument Identifier (AII), Market Identifier Code (MIC), CFI (Classification of Financial Instruments) code and Financial Instrument Short Name (FISN). This webcast sorts through the purposes of all these identifiers, consider how they can be translated or made compatible and examine how complete their adoption is. Panelists also covered the data quality and centralization issues that identifier challenges may raise, as well as overall readiness for MiFIR compliance.
What are the overall challenges for MiFIR readiness as you see them?
- How should different identifiers be applied for MiFIR compliance?
- What are the compatibility or translation issues between different identifiers and how may these affect MiFIR reporting?
- How may data quality be affected by the need to reconcile differences between identifiers?
- What is the importance of data centralization for MiFIR compliance?
Moderator: Michael Shashoua, Editor, INSIDE REFERENCE DATA
- Jacob Gertel, senior product manager, legal and compliance data, SIX FINANCIAL INFORMATION
- David Nowell, head of regulatory compliance and industry relations, UnaVista, LONDON STOCK EXCHANGE GROUP
- Dan Chambers, transaction reporting specialist, NOMURA ASSET MANAGEMENT
- Chris Johnson, Head of Product Management, Market Data Services, HSBC SECURITIES SERVICES
The founder and CEO of HPR joins the podcast to talk about lessons learned and where the industry is heading.Subscribe to Weekly Wrap emails