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Investment Bankers Consider Indexing Biggest Record Keeping Challenge in MiFID - Indexing is currently the greatest record keeping challenge under MiFID according to members of the Investment Banking group of the Financial Services Discussion Club
Investment Bankers Consider Indexing Biggest Record Keeping Challenge in MiFID

 

NewswireToday - /newswire/ - London, Greater London, United Kingdom, 2007/07/03 - Indexing is currently the greatest record keeping challenge under MiFID according to members of the Investment Banking group of the Financial Services Discussion Club.

   
 
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At a recent meeting in London, club members considered the system and process changes needed to go from storing records form an average of two to six months, to a three year minimum. Some felt that regulators had underestimated firms' current system capabilities.

Specifically, members highlighted indexing and linking fax, email, telephone records and other electronic data (such as instant messages) as a major project.

Because of these significant storage and indexing requirements, most firms had extended project lead times to accommodate the extra work in preparing for the directive.

Richard Walbach from Clearconcepts, which administrates the Financial Services Discussion Club said, "Record keeping is clearly a big issue for firms and has consistently been on the agenda in recent discussions. The large volume of data involved is causing a number of problems, of which retrieval is probably the most challenging. The Financial Services Discussion Club has been a useful medium for companies to exchange ideas and benchmark on this topic and others."

NOTES FOR EDITORS

• The Financial Services Discussion Club is administered by Clearconcepts. It aims to provide a forum for the discussion of topical issues and exchange of ideas

• The next meeting of the MiFID investment banking club will take place 9 July in Tower 42 in London

• Clearconcepts (clearconcepts.co.uk) is an independent communications house focused on the financial services sector. It specialises in market research, events planning and public relations.

 
 
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Written by / Agency / Source: Clearconcepts

 
 

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Investment Bankers Consider Indexing Biggest Record Keeping Challenge in MiFID

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Publisher Contact: Laura Wilkinson - Clearconcepts.co.uk 
+44(0)20 7405 0065 laura.wilkinson[.]clearconcepts.co.uk
 
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