IHS Markit Ltd. (Nasdaq: INFO), a provider of information, analytics, and financial markets data, today announced that it has concluded a partnership agreement with Deloitte to enhance its offerings designed to help firms comply with requirements mandated by the Markets in Financial Instruments Directive II (MiFID II).
With the deadline for MiFID II less than a year away, the combined offering leverages IHS Markit’s Outreach360 solution and Deloitte’s regulatory business advisory expertise via a managed service.
MiFID II rules are set to shake up the old practices of repapering between counterparties, and as such the new partnership will offer customers a comprehensive solution to better manage counterparty documentation as well as address regulatory outreach for KYC, tax and global regulatory data including due diligence questionnaires.
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IHS Markit’s Outreach360 provides a single auditable platform to create, manage, send, track and store all counterparty outreach for regulatory, due diligence and data gathering purposes. This platform supports bilateral communication between all counterparties and leverages the rich entity and regulatory data which exists on Counterparty Manager. In turn, Deloitte brings a wealth of advisory consulting expertise including MiFID II knowledge along with a managed service capability to address large scale remediation.
The effort is in response to new rules under the revised Markets in Financial Instruments Directive – known as MiFID II and set to come into force in January 2018 – that will force greater transparency across market structure, investor protection, transparency reporting and organizational requirements.
Darren Thomas, Head of Counterparty Manager at IHS Markit, commented: “As a technology provider, we understand the right mix of dedicated resources, quality data and advanced systems are essential for client outreach and repapering. Through trusted resource planning support from Deloitte and a powerful digital platform like Outreach360, firms will be able to take a holistic approach to successfully meet the challenges associated with MiFID II compliance.”
Hugo Morris, Partner for the Deloitte Managed Risk Services practice, added: “Financial institutions view MiFID II as a top priority and are investing in large, multi-stream programs to get ahead of changes. By working together, Deloitte and IHS Markit can immediately help firms prepare for the pending January 2018 deadline, establishing proven outreach strategies developed by industry participants.”