It’s likely that in the U.S. financial services firms are at different levels of readiness as far as MiFID II compliance, which starts Jan. 3, 2018, says Manny Alicandro, general counsel and head of regulatory technology for hedge fund MANA Partners, LLC, based in New York City.
“We’re in really good shape,” Alicandro says about MANA. The firm engages in high-performance trading in global markets, quantitative and algorithmic asset management, and as an incubator for financial technology businesses built on the firm’s infrastructure, according to officials at the firm. “We’ve done a lot, working with our prime brokers, working with outside consultants, to really make sure that we’re on target for the deadline in January,” he adds.
As for other firms, they are likely to be at different points in their MiFID II compliance, and that their internal groups are probably utilizing the same resources to meet the deadline.
“My general impression is that firms are ready and will be ready,” Alicandro says. “But the concern is to what extent, and will this be something that they need to be working on in the third quarter or testing in the third quarter?”
It’s also possible that some firms may have had to finalize MiFID II compliance during the last quarter of 2017.
Alicandro was interviewed by FTF News during the “Navigating the Maze of MiFID II” conference in New York City this past September. He was also a participant in the panel discussion, “Inevitable Overhauls for IT and Processes,” which focused on the data and trade reporting requirements that could spur updates of incumbent IT systems and operations.
CREDITS:
Video Production: Janene Knox and William J. Poznanski, Jr.
Interview conducted by: Eugene Grygo, chief content officer, FTF News
Co-Producers: Sarah Hathaway, vice president, Financial Technologies Forum (FTF) and Eugene Grygo
Need a Reprint?
Leave a Reply