MiFID II Data Framework

Client Needs & Objectives

Client:

  • Sponsor: Global Head of Structuring, MiFID II program business sponsor
  • Stakeholders: Data Management Office, Market Data Management, MiFID II

Objectives:

  • The referential data framework was instrumental to the implementation of the MiFID II compliant solution, from the ingestion of various golden sources to the distribution of enriched and normalized data to the MiFID rules orchestrator (Case Manager) & ARM/APA interface
  • The objective was to assist in the definition of the target setup and governance for the management & control of the global markets datalake

Our Approach

Target setup definition

  • Principles & setup designed with the analysis of various use cases on data workflow (test-based) and with expectations from various data owners, consumers & DQM (interview-based)
  • Framework backbone defined by issue identification, control and remediation process
  • Definition of run and change ramp-up with detailed RACI, team sizing, governance

Operating model design

  • Delegation model for the data issue remediation and data monitoring / recycling processes
  • Clear governance and processes for data ingestion, enrichment, normalization and distribution
  • Clear communication of the MiFID II Data Quality Ownership Model by data family

Operability in the bank ecosystem

  • Proposed governance to ensure global data consistency across the bank (identification of interdependencies with other Capital Markets projects (e.g. FRTB, MAD-MAR)

Client Benefits & Main Results

Secure MiFID II go live with all MiFID II solution components

Provide visibility and clarity to all stakeholders’ on processes around data management, control and lineage

Given criticality and central position of the datalake, processes are defined consistently across components and considering interdependencies