MiFID II Reporting Migration FAQs: A Guide to Seamless Transition
As the new year looms firms are starting to evaluate their transaction reporting solutions to ensure they are aligned with the latest regulatory standards and their operational efficiency requirements.
Migrating to a different MiFID II transaction reporting ARM can be a smooth and efficient process. To help you along the way, we have compiled a list of the most common questions regarding MiFID II ARM migration.
1. Why should I migrate my MiFID II transaction reporting to a new ARM?
There are several compelling reasons firms might consider migrating to a new ARM. These include:
Enhanced Data Quality and Management: AQMetrics provides a comprehensive solution for data management, including data cleansing, validation, and enrichment. This can help you improve the accuracy and timeliness of your transaction reporting.
Access to Historic Data: AQMetrics provides a centralised repository for all of your transaction data, which you can access to support reconciliation, back reporting, and internal monitoring activities.
Eliminating Manual Bottlenecks: AQMetrics automates many of the manual tasks involved in MiFID II transaction reporting, which can help you save time and money.
Superior Customer Service and Support: AQMetrics has a dedicated customer support team that is available to help you with any questions or issues that you may have.
Consolidated Solution for Regulatory Needs: AQMetrics can help you streamline your compliance with multiple regulatory requirements, including MiFID II, MiFIR, and EMIR.
Ultimately, you want to ensure that your firm is effectively meeting the regulatory requirements, with best-in-market technology, whilst achieving improved operational resilience.
2. How easy is it to migrate MiFID II ARMs, and how long does it take?
Migrating to a new ARM is a straightforward process with careful planning and the right partner. The migration process to AQMetrics is easy and can be completed in as little as five days. AQMetrics will work with you to map your existing data extract to the AQMetrics datahub and provide you with a test environment to ensure that the migration is successful.
3. What will happen to the existing data during the MiFID II migration?
The firm’s existing data extract can be migrated as-is. This includes migration of existing interfaces from front-office platforms or migrating the in-situ extract currently being sent to another ARM. Or, should your firm wish to improve the quality of the existing extract, additional data validation and enrichment rules can be applied during the migration project to improve any deficiencies that may have been there in the past.
AQMetrics hosts detailed planning workshops for data mapping and testing. Access to a test environment is provisioned to ensure your firm can run the new transaction reporting solution in parallel, prior to the live switchover.
Check out this insightful Q&A with our CTO, Steve Barnes, on how to extract, reconcile and manage your data within the AQMetrics ARM.
4. How can I protect my data when migrating to a new MiFID II ARM?
It is important to have open communication with your new provider before, and during the migration process to ensure your data is always protected. AQMetrics is committed to protecting your data and has a number of security measures in place to safeguard your information. These measures include:
ISO 27001 certification: AQMetrics is ISO 27001 certified, which is the internationally recognised standard for information security management systems.
End-to-end data encryption: All of your data is encrypted in transit and at rest, including natural person/PII data, which is protected using our Short Code Enrichment Service (SCEM).
Data security expertise: AQMetrics has a team of experienced security professionals who are responsible for protecting your data.
5. What sets AQMetrics MiFID II transaction reporting ARM apart from its competitors?
At the core of AQMetrics technology lies a deep commitment to regulatory compliance.
Automated MiFID II regulatory rules: AQMetrics technology ensures seamless integration of emerging regulatory change without any need for bespoke projects or consulting engagements. As a result, our clients spend less time dealing with exceptions and support and more time on the core functions of their jobs.
Unparalleled data accessibility: AQMetrics provides you with unparalleled access to your data, which you can use for back-reporting and reconciliation. We also encourage you to use APIs to plug in your business intelligence tools. This data access can unlock a whole host of different insights and benefits, for the back, middle and front offices.
Rules builder technology: Our rules builder technology means that data quality, risk and regulatory monitoring rules and ARM validations are co-located. This means you can take control of your data management and regulatory risk monitoring, integrating data from multiple source systems, and validating, reconciling and reporting in real-time.
Direct connection to the regulator: As an Approved Reporting Mechanism (ARM), AQMetrics clients can connect directly with the regulator, limiting their vendor footprint and eliminating the need for multiple, siloed software solutions. It can also reduce bottlenecks and delays when it comes to regulatory queries and interactions with the regulator.
6. What type of firms are using AQMetrics for MiFID II transaction reporting?
AQMetrics' award-winning technology has attracted a diverse clientele of MiFID firms, including tier 1 institutional investment managers, global proprietary trading firms, high-volume broker/dealers, and specialist investment firms. Our technology seamlessly integrates multiple compliance and risk tasks within a single, unified solution.
For MiFID II investment firms, AQMetrics' technology serves as a centralised hub for data management and compliance operations, granting them unparalleled control over their compliance landscape.
Broker-dealers with high trade volumes can harness AQMetrics' scalability to swiftly process millions of transaction reports daily. Rule-based data management and APIs empower these firms to streamline data enrichment and feedback loops, maximising their operational efficiency.
Large pension funds, government-backed asset managers, and institutional investment managers rely on our technology to automate compliance and reconciliation processes, providing unrestricted access to data to drive informed decision-making and optimise investment operations.
What our customers have to say
Here’s a snapshot of what our MiFID II clients say about our solution and the migration process:
"The decision was an easy one. We asked a third party for advice on a MiFID II reporting platform and they recommended AQMetrics. It was a very smooth transition from there on, with the normal checks of technology and data."
Marlborough Asset Management
"We saw a growing need from our clients for outsourced risk reporting. So we wanted to find the best technology firms that can provide that service - and that's why we chose AQMetrics"
US Bank
"We needed a new MiFID II transaction reporting solution and were immediately impressed by the AQMetrics platform. The transition and migration was easy and seamless too - saving a lot of time and effort."
Mondrian
"Migrating is typically not an easy task, but with AQMetrics it was seamless. There are several vendors out there, and we carefully selected our new partner for their expertise and knowledge with regards to MiFID II migration projects."
Kepler Cheuvreux SA
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Streamline your MiFID II Transaction Reporting process with end-to-end automation from AQMetrics. Get started today.
