- A leading financial institution was grappling with outdated systems that prevented them from meeting Mifid2 regulatory requirements.
- The legacy system stored essential trade and transaction data but was not equipped for efficient client reporting, resulting in time-intensive and manual reporting processes
- The objective was to improve the reporting process for regulatory compliance and client communication
Our client was tasked with meeting the stringent Mifid2 regulatory requirements. Non-compliance posed both reputational risk and the possibility of hefty fines. Whilst the legacy systems contained vital trade and transaction data, they lacked the capability for effective client reporting, including challenges such as:
- manual consolidation of data from various systems
- time consuming Excel reconciliations and validations
- inability to generate reports
- Lack of a systematic process for report distribution, relying on manual emails.
How StructureIt helped
Given StructureIt’s deep domain expertise and understanding of the client’s technical vision, StructureIt implemented:
- Data integration: An API to extract trade and issuer-related data from SOLVAS into a client-hosted SQL database.
- Data incorporation: Data enhancements by integrating additional data sources, such as FX Rates, from internal systems
- Real-time customization: A front-end tool using Report Definition Language (RDL), for real-time editing and customization of report data
- Smart reporting tool: A RDL-driven smart reporting tool to produce client reports – across multiple formats such as Excel & PDF – alongside integration with internal systems for report distribution
- Approval process: A workflow for external client reports, incorporating approval steps to ensure data accuracy, quality, and compliance
A Mifid2 compliant reporting solution was up and running within 3 months of project commencement, delivering key milestones and benefits such as:
- Reduced cost from both manual effort and potential regulatory penalties
- Improved client communication
- Enhanced confidence in the accuracy and validation of reported data
- A clear reporting process and audit trail
With StructureIt’s guidance, the client met their regulatory requirements whilst also enhancing communication and reporting to their clients.
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