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/ / Business Consulting

Building an Enterprise-Grade Market Regulatory Reporting PlatformDeveloping a global MarketTech reporting platform able to transform regulation across financial services

With the MiFID II regulation around the corner, this global Tier 1 Bank needed a futuristic regulatory solution built on an emerging tech stack to meet compliance with capabilities for pre-trade and post-trade transparency, as well as reporting and recordkeeping. What started off as a project for one regulatory requirement led to the build of a future-proof, cross-regulatory platform that is now live and supporting multiple regulations across the Bank.

/ / OUR CHALLENGE

We were asked to build a real-time (RT) trade reporting platform for pre-trade and post-trade transparency to meet new MiFID II compliance regulatory specifications. The current technology landscape consisted of applications and teams distributed across locations having their own data formats and booking models.

We had to pull all existing applications together in order to send data in one common format, completing a data mapping exercise from multiple business areas into a normalised structure that could be mapped to what’s required for RT reporting. This also included the need to interpret the booking models and normalising them to the way trade reporting needs to happen.

The ask evolved over time, including the need for a central, strategic Big Data platform to modernize the existing strategy to improve efficiency, driving real-time analytics and actions; a testing automation framework; and the implementation of DevOps to match the pace of today’s disruption.

/ / OUR INNOVATIVE RESULT

With our design principles at the heart of what we do and by keeping a future-forward strategy top of mind, we saw the MiFID II regulation not just as a project, but an opportunity.

We assembled a 135+ strong team within 3 months across 5 global locations to design and build a regulatory platform equipped with a RT trade reporting engine and enterprise data architecture (Data-as-a-Horizontal). We developed the application of the new workstream functionality with a focus on usability - leveraging our RegTech accelerators in the process - employing an agile delivery framework for speed and as a foundation for future scalability and flexibility. Along with the platform, we completed the build of two other standalone applications: the ISIN Service and the Eligibility Service rule application engine to determine whether a regulation is in scope of any given trade.

The platform now not only meets MiFID II requirements but has become a central platform that is able to scale globally across the bank and can be used for any future regulatory, risk and compliance-related data needs.

Our results included:

Experience Design

 

Building out a data lake (previously scattered and siloed across the bank) now centralised and streamed into a new Data Lake (a single repository), rendering the duplication of effort obsolete, reducing costs, enhancing data quality and achieving a high-performance, scalable, Data-as-a-Horizontal infrastructure, able to process 100m events, achieving a 95+% regulator acceptance reporting rate.

Emerging Technology Frameworks

 

Developing an expertly tailored, cucumber-selenium test automation framework architecture, raising 1200+ defects and automating 90% of test cases to ensure the platform could efficiently scale and evolve for a more secure future.

Experience Design

 

Creating a DevOps framework capable of providing future maintenance and platform modernization. The platform now has increased quality feedback and automation with quick integration, speedy deployment and fast turnaround time to better accelerate digital transformation.

Emerging Technology Frameworks

 

The new platform successfully services 31 cross-business, front-office systems with the real time processing engine on average processing approx., 30-40M events per day.

Two years ago, we had a vision and that vision has become a reality: We are using the same scalable, extensible platform – fully compatible across tech stacks - to onboard one regulation after another, cross-leveraging experiences from other regulations, discovering pockets of innovation along the way.

Through using MiFiD II as a launchpad, we have been able to streamline the Bank’s RegTech infrastructure to create a RegTech platform with a single framework that is now supporting multiple regulations - including FinFrag, SFTR , Market Conformity Control for BAFIN Consolidated Audit Trail (CAT) and others - to future-proof our client for any regulatory challenges that lie ahead.