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MiFIR and MiFID II

What are MiFID II and MiFIR?

The Markets in Financial Instruments Directive (MiFID) came into force on November 01, 2007. On October 20, 2011, the European Commission published proposals for (i) a revised directive (MiFID II) and (ii) a new regulation (MiFIR). MiFIR and MiFID II will enter into force on January 03, 2018.

What is the scope?

Organizations: Banks, broker/dealers, wealth managers, and manufacturers

Activities: Execution of orders on behalf of the client, reception or transmission of orders, dealing on own account, portfolio management, investment advice, and underwriting and/or placing of financial instruments.

Instruments: All financial instruments traded on venues such as Regulated Market (RM), Multilateral Trading Facility (MTFs) or Organized Trading Facility (OTFs). Includes OTC derivatives and adds FX, commodities, and interest rate derivatives. It includes derivatives on third-country exchanges, if underlying is traded on trading venue.

Key benefits of using SS&C GlobeOp

  • Scalability and broad platform support
  • Ultimate flexibility and full transparency
  • Integration with minimal impact to your business
  • Reconciliation, enrichments, and validation of data prior to reporting

The initial gap / impact assessments process from SS&C GlobeOp simplifies the complexity of the task ahead. We believe that with collaboration, this regulation can be implemented efficiently and effectively.