SunGard Unveils Strategy To Help Firms Meet MiFID Technology Challenges; Panel Discussion Chaired By Alberto Giovannini Examines Trading, Legal, Regulatory And Technology Impact Of The Directive.LONDON -- SunGard (http://www.sungard.com) announced today its strategy to support financial institutions as they prepare for the European Union's Markets in Financial Instruments Directive The Markets in Financial Instruments Directive (MiFID) will introduce a single market and regulatory regime for investment services across the 30 member states of the European Economic Area (the 27 Member States of the European Union plus Iceland, Norway and Liechtenstein). (MiFID) by highlighting its existing solutions that facilitate aspects of MiFID compliance. "MiFID represents both a significant challenge and a business opportunity for most participants in the European markets. We have been working with customers over the last year to analyse an·a·lyse v. Chiefly British Variant of analyze. analyse or US -lyze Verb [-lysing, -lysed] or -lyzing, their needs and help ensure they can turn MiFID compliance to their advantage," said Harold Finders, group chief executive officer of SunGard Europe. "Most aspects of the Directive are covered by products our customers already use, though like everyone we will be closely reviewing the imminent Level 2 regulations to evaluate whether there are any technology gaps we need to address. Our solutions can help broker dealers become systematic internalisers, investment managers to find best execution, and trading organisations to manage their new data requirements. Today's panel gives market participants The term market participant is used in United States constitutional law to describe a U.S. State which is acting as a producer or supplier of a marketable good or service. When a state is acting in such a role, it may permissibly discriminate against non-residents. the opportunity to debate with leading MiFID authorities, and we are launching a Web page with more information at http://www.sungard.com/mifid to maintain an informative dialogue with our customers and partners." With concentration rules being abolished in those EU markets that had maintained them, MiFID will change the price discovery process, creating a formal category for broker dealers of systematic internaliser. Helping meet the compliance and technology challenges of internal market-making, with the need for multi-directional price communication, is central to SunGard FRONT ARENA's advanced trading facilities, which are already in use by customers in many EU markets (http://sungard.com/front). FRONT ARENA's internalisation Noun 1. internalisation - learning (of values or attitudes etc.) that is incorporated within yourself internalization, incorporation learning, acquisition - the cognitive process of acquiring skill or knowledge; "the child's acquisition of language" process works on the "match or move" principle, allowing the automatic external routing of orders when an internalisation opportunity is not possible, or better execution is available elsewhere. FRONT ARENA has been in discussion with its customers for several months about how this internalisation strategy can be extended in a MiFID environment. MiFID will also result in a significant growth in the volume of information generated from exchanges and systematic internalisers. Market participants will have to maintain much more data long-term for compliance purposes. SunGard's referencePoint (http://sungard.com/referencepoint) cleanses, stores and maintains large volumes of pricing and reference data. On an on-site or outsourced basis, it maps multiple prices and meta-data for a single instrument on to one logical record helping enhance MiFID compliance reporting capabilities. For investment managers, MiFID will mean using more execution venues and a greater focus on ensuring best execution for their clients. SunGard's Decalog portfolio management system (http://www.sungard.com/decalog) will help investment managers intelligently route trades to the increased number of execution venues MiFID will facilitate. Broker networks to facilitate order flow will become much more prevalent as a result of MiFID, with the SunGard Transaction Network, which connects 170 brokers with 2,000 asset managers, offering cost-effective connectivity (http://www.sungard.com/stn). SunGard's private client investment management solution, APSYS (http://www.sungard.com/apsys), is in discussions with trade association APCIMS APCIMS Association of Private Client Investment Managers and Stockbrokers on the best way forward for that sector. SunGard's back-office solutions are planning with their customers how to get ready. Colm Furlong furlong: see English units of measurement. , equity specialist at SunGard, commented: "The changes MiFID will bring about raise strategic questions for many of our customers - for example does a bank have the potential to become a systematic internaliser, acting like an exchange, in a climate that will see both growth and consolidation as trade volumes rise and trading costs Trading costs Costs of buying and selling marketable securities and borrowing. Trading costs include commissions, slippage, and the bid/ask spread. See: Transactions costs. fall. Our role is both to provide the technology required and to understand the business issues in a way that makes us a useful partner to our customers." SunGard outlined its MiFID positioning at the MiFID roundtable it organised today, chaired by Alberto Giovannini and featuring SunGard's Colm Furlong along with leading MiFID commentators: Bob Fuller, director, IT strategy at DrKW and co-chair of the MiFID IT Joint Working Group; Anthony Belchambers, chief executive officer, Futures and Options Association; Stephen Hanks Noun 1. Hanks - United States film actor (born in 1956) Thomas J. Hanks, Tom Hanks , economic adviser, Capital Markets and Governance Governance makes decisions that define expectations, grant power, or verify performance. It consists either of a separate process or of a specific part of management or leadership processes. Sometimes people set up a government to administer these processes and systems. Team, Her Majesty's Treasury; Dermot Turing, partner, Clifford Chance Clifford Chance LLP is the largest law firm in the world, both by number of lawyers and revenue, and a component of the UK's "Magic Circle" of leading law firms. In recent years, it has universally come to be accepted as the world's leading global law firm. . A podcast (iPOD broadCAST) An audio broadcast that has been converted to an MP3 file or other audio file format for playback in a digital music player or computer. The "pod" in podcast was coined from "iPod," the predominant portable, digital music player, and although podcasts are of the discussion will be available at http://www.sungard.com/mifid. About SunGard With annual revenue of $4 billion, SunGard is a global leader in software and processing solutions for financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , higher education higher education Study beyond the level of secondary education. Institutions of higher education include not only colleges and universities but also professional schools in such fields as law, theology, medicine, business, music, and art. and the public sector. SunGard also helps information-dependent enterprises of all types to ensure the continuity of their business. SunGard serves more than 25,000 customers in more than 50 countries, including the world's 50 largest financial services companies. Visit SunGard at www.sungard.com. Trademark Information: SunGard, the SunGard logo, APSYS, Decalog, FRONT ARENA and referencePoint are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders. |
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