It is essential that all contributing stakeholders work collaboratively as early as possible.
Following ESMA’s recent publication of the final draft RTS (Regulatory Technical Standards) on MiFID II, the time is right for trading organisations to prepare for adoption.
Operational processes and procedures will need to alter, as will underlying IT systems so that they can accommodate the required changes to support the regulation. Understanding the target operating model at this stage is key and therefore it’s essential that all contributing stakeholders, such as the commercial teams, legal & compliance, IT and the Trade Repository organisations work collaboratively as early as possible. This will enable the project teams to be established, the modes of communication and levels of governance to be put in place, so that the programme of change can be controlled and steered appropriately. Involvement of the end-users, both commercial and IT operations will help to establish the real cost of delivery and acceptance.
BJSS has experience in delivering regulatory programmes. Our approach is proven, enabling clients to comply with diverse regulatory obligations such as Dodd-Franks and EMIR.
Regulatory changes tend to be unpredictable and influenced by external factors. The BJSS approach includes upfront collaboration, establishing governance and operating in a fashion that is responsive to regulatory programmes that evolve rapidly.
Leveraging LEAN development practices that enable the delivery team to accommodate changes, but still providing confidence on the enduring operating model and costs has been the cornerstone of our success.