A global Investment Bank, which is one of the world’s leading international financial service providers, with over 70,000 employees across more than 70 countries and assets of over €1,000 Billion. They rank among the global leaders in corporate banking and securities, transaction banking, asset management, and private wealth management, and have a significant private and business banking franchise across Europe.
Business Challenges
- In preparation for forthcoming European regulation, the client initiated an assessment of their current processes and systems to understand the impact of complying with MiFID guidelines by November 2007
- The guidelines were broad in scope, complex in some areas and were not due to be finalised until after the assessment period
- The review was focused on 4 key aspects of the regulation (Best execution, Trade transparency, Order handling & Transaction reporting)
- The client needed to prioritise their resources to ensure the bank reaches compliance and also to realise any strategic benefit from the changes
Solutions
- Worked with the client in assessment and identification of high level options and actions
- Educated management compliance teams and technology and operations in the likely impact of MiFID on their respective roles
- Developed a heat map showing key areas in which work will be required
- Worked with Front Office, Operations and IT to develop options for reaching compliance and for using the changes to gain competitive advantage
Benefits
- Gained an early focus on the key gaps, enabling projects to be prioritised and resources allocated
- Provided the bank with a basis to lobby the FSA on any local changes to the requirements
- Allowed 2006 and 2007 budgets to be determined
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