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.

[ClickPress, Tue Jul 03 2007] Indexing is currently the greatest record keeping challenge under MiFID according to members of the Investment Banking group of the Financial Services Discussion Club.

At a recent meeting in London, club members considered the system and process changes needed to go from storing records from 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 administers 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.
• For more information or to register for the Financial Services Discussion Club, contact Laura Wilkinson - laura.wilkinson@clearconcepts.co.uk 020 7405 0065.
• Clearconcepts 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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