Following an announcement by the European Commission that the implementation date for MiFID II will be postponed until January 2018, firms are breathing a collective sigh of relief at being granted an additional year to get their houses in order. But in reality, with less than two years until the new MiFID II go-live date, many firms are still faced with a daunting schedule of work and considerable financial investment if they are to meet the deadline - even with the additional allocation of time.
To make matters more complex, the Directive includes a requirement that obliges firms to record all communications relating to client orders and all such recordings must be retained in a durable and easily discoverable format for a minimum of five years. This detail could have much wider implications, especially for those firms that use or are planning to install recording solutions that rely on proprietary platforms.
In this White Paper we look at why firms would be wise to consider switching to open architectures when upgrading or installing new recording infrastructure in the run-up to MiFID II.
“firms should be aware that proprietary solutions come with many disadvantages and may not provide the most cost-effective or competitive strategies”