“The nature of what firms want to buy in this space has changed dramatically. They don’t want an integration project, they don’t want a problem. They are really looking for suppliers who can deliver everything in one place — kind of a one stop shop. Trade once, report it everywhere is the ideal.” – Collin Coleman, CEO of Abide Financial
As MiFID II implementation looms, firms can take some solace in knowing the general pathway forward, though there are still Q & A’s floating around and standards yet to be released. In this video, Christian Voigt, senior regulatory adviser with Fidessa, and Collin Coleman, CEO of Abide Financial, discuss what it’s like to be a regulatory reporting vendor in this shifting environment, what it means for U.S. businesses and what people are doing to cope.
From their perspective, MiFID II is an indicator of how much the regulatory reporting field has changed. Now, clients want a holistic solution with the capability to handle more reporting to more sources. (An audit trail requires quite a few breadcrumbs.) And MiFID isn’t the only driver. There are a number of other regulations coming into effect in the months before January 3, each of which is not getting as much attention as it likely should due to the spotlight on MiFID II. And that spotlight will only intensify as the deadline nears.