Mifid II implementation exposes tech divisions

Author: Lizzie Meager | Published: 3 Aug 2017

As banks frantically implement Europe’s furthest-reaching and most technology-reliant piece of financial regulation ever, a disconnect between IT departments and the rest of the business is emerging.

The new Markets in Financial Instruments Directive (Mifid) II touches more parts of a bank’s business than ever before, from risk, legal and compliance to the trading floor to the IT help desk.

Banks are creating warehouses to store the huge amounts of data required by Mifid II

Adedayo Banwo, senior counsel at Deutsche Bank in London, said that because of this, banks are having to delay other IT programmes to prioritise Mifid II requirements – and that the work won’t be over after implementation day on January 3.

“For pure investment banking within a syndicate you have to move with the herd, so as we saw with other big reforms like the Market Abuse Regulation, you will see approaches and solutions...