The financial sector is subject to constant change like virtually no other: business models are either disappearing or they have to adapt to globalization and digitalization. Other challenges – such as sinking interest rates, new regulations and competition from the fintech sector – also have to be mastered. Banking itself is becoming a commodity and meeting client expectations is becoming a skilled discipline:
The EU directive MiFID II comes into force on 3 January 2018. The implementation of this regulatory framework for securities transactions in Europe will have a significant impact on existing processes and IT systems.
01 Client Onboarding Increased demands with respect to assessing client’s knowledge and experience, risk profiling
02 Investment Advice Extensive proof of suitability of an investment product against client’s investment objectives
03 Trading Tightened requirements on best execution, particularly selection of trading venues
04 Control E.g. post-trade disclosure of costs and prices, product governance, product scope and appropriate target markets
05 Reporting Increased requirements on execution reports, reporting of portfolio services, reporting of losses, post-trade disclosure of costs and prices