IHS Markit Ltd. (Nasdaq: INFO), a provider of information, analytics, and financial markets data, today launched its Outreach360 platform to help firms comply with new EU rules that are set to shake up the old practices of repapering between counterparties.
With the deadline for MiFID II less than a year away, the new tool also helps companies better manage counterparty documentation as well as address regulatory outreach for KYC, tax and global regulatory data including due diligence questionnaires.
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.
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The tool 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: “In collaborating with buyside and sellside working groups to design Outreach360, it became apparent that the successful implementation of MiFID II hinges on the effective exchange of large volumes of data between firms and their customers.”
“Up until now, there were no solutions like Outreach360 in the market to support end-to-end outreach that can be fully customizable for each financial counterparty. IHS Markit will be first-to-market to fill that gap with a platform that solves a critical need in the financial services industry,” he added.