Project Sentinel eyes MiFID II common approach led by Etrading Software.
A new multi-bank initiative has been announced today called ‘Project Sentinel', aimed to help share costs that firms incur related to MiFID II implementation for Over-the-Counter (OTC) related front office trading technology, according to an official announcement from Etrading Software.
Project Sentinel will use a regulatory model with data normalized to help firms meet their front office OTC sales and trading activities, by combining a number of institutions that will contribute to the project that aims to provide shared benefits as a standardized approach to MiFID II regulatory technology is sought.
According to people familiar with the deal, as explained to Finance Magnates around time of the announcement, a number of large regional banks are part of Project Sentinel and with Etrading Software as the project manager.
Industry standard goal
This approach to normalizing the data could help create a standardized approach in the future for helping firms conform to related regulatory Compliance with regard to OTC trading under MiFID II, as firms take a similar and/or measurable approach, in addition to helping reduce costs.
Etrading Software is acting at the PMO to help the group of banks collaborate, as the next phase will be to map out compliant workflows across related trade lifecycles, before the best solutions are chosen to be bought or built for the proposed future common structure.
We are delighted to facilitate this important initiative on behalf of market participants to create a modern, low-cost, standards-based MiFID II infrastructure capable of servicing client needs efficiently and electronically.
MiFID II synergies
Sassan Danesh, Managing Partner or Etrading Software, and who co-chairs the OTC product committee for the FIX Trading Community, explained in a statement: “We are delighted to facilitate this important initiative on behalf of market participants to create a modern, low-cost, standards-based MiFID II infrastructure capable of servicing client needs efficiently and electronically.”
Navigating MiFID II reporting and compliance Obligations can be challenging and requires both human and monetary capital to research and implement appropriate measures, in addition to time constraints as new deadlines come into effect.
Collaborative benefits
Meanwhile, on a firm-by-firm basis, these costs add up and Project Sentinel aims to bring together industry collaboration where limited or no competitive advantage will be at risk as the collective benefits could be shared as the combined efforts unlock efficiencies.
In essence, market participants will be able to pool resources with their peers in non-competitive regulatory areas, by investing in a technology solution that is standards-based and compliant with MiFID II to help streamline automated related front-office processes.
Shared approach and costs
The official announcement of Project Sentinel put a focus on reducing costs and risk through combined analysis, interpretation and implementation thanks to the collaborative nature of the project, where the large regional banks involved have common interests in improving their approach to regulatory compliance.
In addition, reducing costs of compliance thanks to a sharing of IT investment costs was described in the project's focus, and creating economies of scale from the resulting creations that the project is aiming for.
The project looks for a consistent implementation of MiFID II across participating firms and to create a flexible solution for the future that could be tweaked for other regulatory regimes such as Dodd-Frank or EMIR, as described in the update.
A new multi-bank initiative has been announced today called ‘Project Sentinel', aimed to help share costs that firms incur related to MiFID II implementation for Over-the-Counter (OTC) related front office trading technology, according to an official announcement from Etrading Software.
Project Sentinel will use a regulatory model with data normalized to help firms meet their front office OTC sales and trading activities, by combining a number of institutions that will contribute to the project that aims to provide shared benefits as a standardized approach to MiFID II regulatory technology is sought.
According to people familiar with the deal, as explained to Finance Magnates around time of the announcement, a number of large regional banks are part of Project Sentinel and with Etrading Software as the project manager.
Industry standard goal
This approach to normalizing the data could help create a standardized approach in the future for helping firms conform to related regulatory Compliance with regard to OTC trading under MiFID II, as firms take a similar and/or measurable approach, in addition to helping reduce costs.
Etrading Software is acting at the PMO to help the group of banks collaborate, as the next phase will be to map out compliant workflows across related trade lifecycles, before the best solutions are chosen to be bought or built for the proposed future common structure.
We are delighted to facilitate this important initiative on behalf of market participants to create a modern, low-cost, standards-based MiFID II infrastructure capable of servicing client needs efficiently and electronically.
MiFID II synergies
Sassan Danesh, Managing Partner or Etrading Software, and who co-chairs the OTC product committee for the FIX Trading Community, explained in a statement: “We are delighted to facilitate this important initiative on behalf of market participants to create a modern, low-cost, standards-based MiFID II infrastructure capable of servicing client needs efficiently and electronically.”
Navigating MiFID II reporting and compliance Obligations can be challenging and requires both human and monetary capital to research and implement appropriate measures, in addition to time constraints as new deadlines come into effect.
Collaborative benefits
Meanwhile, on a firm-by-firm basis, these costs add up and Project Sentinel aims to bring together industry collaboration where limited or no competitive advantage will be at risk as the collective benefits could be shared as the combined efforts unlock efficiencies.
In essence, market participants will be able to pool resources with their peers in non-competitive regulatory areas, by investing in a technology solution that is standards-based and compliant with MiFID II to help streamline automated related front-office processes.
Shared approach and costs
The official announcement of Project Sentinel put a focus on reducing costs and risk through combined analysis, interpretation and implementation thanks to the collaborative nature of the project, where the large regional banks involved have common interests in improving their approach to regulatory compliance.
In addition, reducing costs of compliance thanks to a sharing of IT investment costs was described in the project's focus, and creating economies of scale from the resulting creations that the project is aiming for.
The project looks for a consistent implementation of MiFID II across participating firms and to create a flexible solution for the future that could be tweaked for other regulatory regimes such as Dodd-Frank or EMIR, as described in the update.
Institutional FX Demand Continues to Climb in April
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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