A survey conducted by IPC Systems at TradeTech Europe (April 2017) has found that 77 percent of financial firms surveyed believe their company is ‘prepared’ or ‘very prepared’ to enforce MiFID II regulations when they come into effect on 3rd January 2018. However, nearly half (45 percent) of respondents claim they need to do additional research to fully understand the impact of MiFID II on how trading communications need to be recorded and stored.
The study, which surveyed 103 individuals* also revealed that compliance, compliance-related tasks and risk management comprise three of the top five biggest challenges for firms in 2017. Interestingly, there appears to be a slight difference in focus between buy-side and sell-side respondents. Buy-side ranks compliance-related issues higher while sell-side respondents are more concerned with gaining efficiencies and uncovering new sources liquidity.
Finally, 82 percent of those surveyed believe the use of the cloud will grow within financial markets, with 40 percent considering using the cloud for communication needs. 92 percent of those asked feel confident or very confident that they can capture and archive data to meet compliance regulations.
Robert Powell, director of compliance at IPC Systems, has the following comments:
*Individuals surveyed were a mixture of traders, CEOs, IT managers, brokers and other job functions related to the trading process
An infographic detailing the results can be found here: https://www.ipc.com/ipc-insights/infographics/cloud-solutions-expected-grow-financial-markets
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