A group of IT vendors led by Sun Microsystems and Avitis is joining forces to provide products aimed at helping financial services firms meet the EU’s Markets in Financial Instruments Directive (Mifid).
The move follows research published last month, which found that financial institutions in the UK were better prepared than the EU average, but more than a quarter were still unlikely to hit the 1 November compliance deadline.
The Open Mifid Alliance also includes Mobius Management Systems, Edge IPK, ULLINK and Gissing Software.
The alliance said it intended to provide a sustainable framework to help finance houses meet Mifid’s client classification , best execution, transaction reporting, record keeping and transparency requirements.
Its products would be designed to handle the new regulatory environment and be agile enough to respond to the changing European marketplace, the alliance said. The group would also address finance firms’ underlying technology and systems integration needs.
Philip Filleul, Mifid programme manager at Sun said: “While we recognise that firms may not take all parts of the alliance's offering, there is benefit from taking more of the offer due to the known interoperability between the solutions with pre-worked integration points which will result in rapid deployment times, lower risk and a better return on investment.”
The Financial Services Authority, which will gain new regulatory responsibilities under Mifid, is also gearing up for the implementation deadline, signing a £16.6m seven-year contract with Detica for an intelligence system to support its Mifid workload last month.