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Client

Global Wealth Manager

Function

Compliance
Front-office trading
Legal
Operations
Technology

Asset Class

Multi-asset

Geography

Global

Duration

11 months

The Ask

  • The client, a global asset manager, requested GreySpark to assess, design and implement a program to deliver MiFID II compliance in time for the January 3rd 2018 deadline.
  • The client wished to leverage GreySpark’s proven ability to transform high-level regulatory guidance into functional requirements that can run complementarily to a plethora of overlapping MiFID and non-MiFID projects that were running simultaneously.
  • The post-trade transparency project, which was part of the wider MiFID II project, sought to meet the regulatory obligations for trade reporting, create an integrated, automated system and produce a suitable oversight function.

Methodology

  • GreySpark deployed an Analyst Consultant who had complementary subject matter expertise as well as regulatory analysis, project management and front-office experience.
  • The consultant delivered clear, concise and actionable business requirements from both the regulator’s guidance and the business’ internal requirements.
  • The GreySpark consultant continuously managed all changes as requested by the client, driven by a shifting regulatory scope. The consultant quickly understood the client’s outlook and was able to plan for multiple potential outcomes, which gave the project the ability to change direction without large time lags.

Outcome

GreySpark helped the client comply with MiFiD II post-trade transparency compliance by delivering a program that was well-integrated with all current and future projects. Included in this work was:

  • Analysis of Approved Publication Arrangements (APA) and recommendation;
  • Business Requirement Document for the post-trade transparency solution;
  • Ongoing project management; and
  • Training for front-office trading teams in MiFID II’s post-trade transparency obligations.

GreySpark Delivered Benefits

  • The GreySpark consultant engaged directly with this project understanding that the regulatory solutions should not be add-ons, but should instead add to the firm’s internal complexity and remain core to this development.
  • By engaging GreySpark, the client was able to mitigate project delivery risk.
  • GreySpark delivered the project to internal stakeholders according to its deadlines. As such, the client was able to meet regulatory obligations.
  • The client achieved an automated reporting solution with minimal impact on front-office trading workflows.
  • The APA solution was integrated with the client’s internal systems with minimal disruption to day-to-day operations.

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