MiFID II, that is going to be enforced from beginning of 2018 after a couple of delays, doesn’t come from nowhere. It’s in fact an answer from the European Commission to the big debt crisis in 2009, when a lot of final users lost confidence and trust in banks, largely because of the opacity of investment proposal and the risk to spend to get bad bonds in exchange.
Collaboration with the banks is not always an easy feat, since they are often slow to embrace new technology or regulations, and – talking about MiFID II – they have been sometimes reluctant to embrace the concept of transparency that the regulation implies.
Fortunately, we could work together with the best banks to understand how to implement MiFID II to precisely answer their needs and, at the same time, being fully compliant with the regulations and transparent about the actual Total Cost of Ownership for their customers. We talked about that in a former post, and also about correct reporting of direct and indirect costs.
It Is Good to Be First on MiFID II Thanks to Collaboration
The result is that, as of today, our eXimius solution is absolutely at the forefront of MiFID II compliancy. Everybody in the market is behind us, today, at this extent. And this makes us feel good.
We still have some work to do… for instance, we completed the ex post work (reporting cost as they have occurred) but are still working on the ex ante part (costs that are going to occur in the future). We are on track nonetheless, and hope our work will also help banks to regain the trust of their clients.