We are the largest supplier of MIFID II Consultants to the market and aim to have our first client MIFID II Preparedby October 2016, 14 months ahead of the deadline….
* MIFID II Prepared is defined as having all your MiFID Solutions Identified, built and in testing while the client waits for other parties in the financial system to complete their pieces so final testing can begin.
Miura is uniquely placed to “take your MIFID II problem away” because of a number of key reasons:
- Experienced Team – We have the largest team of trained and experienced consultants in the market
- Implementation Methodology – Linked back to each Article in the Regulation for Traceability
Complete MIFID II Technology Solution – Covers all aspects of MIFID II in partnership with SAS, the global technology provider
- Experience – we intend to have our first client “MIFID IIPrepared” by October 2016. We have done it before, therefore we know what solutions you need and how to get you compliant.
- “Take my MIFID II Problem away” – At Miura we understand that you want to get on with developing your business, so we will focus on designing a MIFID II solution for you and implementing it.
What differentiates Miura from the Competition?
1. Largest trained and Experienced Team in the market
– At Miura Consulting, we have been developing Specialist MIFID Consultants for over 15 months now. We develop over 20 new consultants every month and have a network of over 170 specialist MIFID II consultants working in a range of Tier 1 and 2 banks and consultancies in the market. We have a large bench of consultants, all trained and all have MIFID II experience either working for clients or on our internal projects, which means we can provide experienced teams for all client requirements.
2. Tested Implementation Methodology linked back to the Regulation for Traceability
– We have a MIFID II Implementation Methodology where you can trace your project plan deliverables right back to the lines of the regulation – this traceability ensures the client knows when he is fully compliant and can prove this to the regulator
See below the traceability of the Compliance Documentation deliverables back to the line items of the regulation.
3. Complete MIFID II Technology Solution (in partnership with SAS, the global technology provider)
> Cloud-based Compliance Portal
– We have this portal so all clients can store their compliance documentation to link back to every article in the regulation.
> Transaction Reporting HUB
– we have a complete MIFID II regulatory reporting HUB (in partnership with SAS) which handles all 8 MIFID II Transaction Reporting Types (MIFIR, Transmissions, Decisions to Deal, etc..) and EMIR & MIFID I Reporting. We are presently testing through to MIFID II ARM’s.
> Full suite of all MIFID II Reporting
– This is again through our partnership with SAS and is driven off our SAS platform – These include Best Execution, Safe-Guarding of clients, 10% valuation drop report, etc…
At Miura Consulting, we have a range of Consultancy Packages to help all clients on their path towards MIFID II Compliance.
- MIFID II Health Check
- MIFID II Gap Analysis
- MIFID II Solution Consulting
- MIFID II Technology Suite
MIFID II Health Check
During the MIFID II Health Check, we first try to understand your business, your products and how you operate. We then analyse your business against our 400 line MIFID II checklist, which cover both technology and business aspects of the regulation.
Delivery – A detailed report how prepared the client is across all 400 points, thus highlighting the areas the client needs to focus on in order to be MIFID II Compliant.
Duration- 3 to 5 days, depending on the size of the organisation.
MIFID II Gap Analysis
During the MIFID II Health Check, we have highlighted the areas the client needs to develop. The MIFID II Gap Analysis not only highlights what you need to do to be MIFID II Compliant, but it also highlights what you need to do to get there. All of the analysis is housed up on our Miura MIFID Portal, where all the items you have to address, are linked back to the Articles in the Regulation (eg On the compliance side, we would highlight what compliance documents you need to complete, but also what you would need to include in them to be compliant).
Delivery – The output of this piece of work is a detailed breakdown of what you need to do as an organisation to become MIFID II Compliant with a detailed project plan linked back to the regulation hosted on a Miura MIFID II portal to help you manage the process through to completion.
Duration – 2 to 5 weeks depending on the size of the organisation
MIFID II Solution Consulting
Miura has access to a large pool of consultants with deep MIFID II knowledge and experience. They are all very familiar with the regulation, and they are also familiar with the programme of work involved to comply with it, through working with Miura’s Implementation Methodology and working on Miura client implementations. Our consultants are also familiar with creating requirements documentation and testing MIFID II technology through working with Miura’s technology solutions.
Miura Consultants are available at a range of price-points to suit client budgets.
MIFID II Technology Suite
Finally, it is possible for clients to purchase any of Miura’s MIFID II Technology Solutions. All our solutions are built in conjunction with our Technology Partner SAS, the global technology provider. They are all comprehensive cloud based solutions to ease implementation and minimise cost.
Our Solutions are:
1. MIFID II Programme Management Portal – Traceability of your project plan back to the regulation
2. MIFID II Compliance Documentation Portal – Data Storage Module for smaller clients
3. MIFID II Transaction Reporting HUB – Covers all MIFID II Reporting Including EMIR and MIFID I
4. MIFID II Reporting Portal – Best Execution, Safe-guarding Client Assets, Commodities Reporting
5. MIFID II Data Storage Solution – Indexed Data storage for medium to large sized clients
MIFID II – What does it mean to a typical business?
MIFID II will be a huge challenge for businesses to try and implement in the next year, both on time and on budget. However, it is very difficult to quantify for management what they will need to do to become compliant, estimating how long it will take and the cost involved. We have included below a high-level list of items which would form part of a typical MIFID II Implementation, with estimated effort and potential technology costs to be aware of.