European Banks Implementing FRSGlobal MiFID Solution
FRSGlobal has announced that in the last six months, 15 European banks have commenced implementation of FRSGlobal Transaction Reporting to meet MiFID regulatory reporting requirements ahead of the 1 November deadline. This follows the announcement that FRSGlobal has joined the Financial Services Technical Special Interest Group (TechSIG), which is part of JWG-IT Group Limited. This new industry group of technology vendors will provide reference solutions for regulatory change based upon over 1,000 requirements from top financial institutions. Through joining this group, FRSGlobal will pass on its expertise of regulatory reporting for MiFID and other implementations, and join forces with complementary vendors to create ‘ecosystems’ offering complete MiFID solutions that address the regulators requirements. Under the MiFID Transaction Reporting directive, all investment firms will be required to submit their transaction reports in a standardised, electronic (XML) format on a daily (T+1) basis.