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The right technology for compliance and better business processes...
The ‘Markets in Financial Instruments Directive’ (MiFID) comes into force in November 2007. Those companies that are looking to comply with this directive will need to demonstrate that they have applied best efforts to give their clients suitable and appropriate advice. This will need to be evident with processes that show best execution, transaction reporting and record keeping.
With the emphasis squarely on market transparency, firms will need to hold auditable transaction data and make provisions for regulatory reporting in case of enquiries. This will mean reviewing and updating processes for recording and retaining all customer interactions and transactions.
There are a number of options open to you. For example by upgrading your existing call recording system you can apply screen and call recording, matched business data and data storage recovery solutions.
The full MiFID document with more details on solutions can be downloaded at www.businesssystemsuk.co.uk/mifid
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