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More banks join Sentinel as initiative prepares for MiFID II implementation
London, 7am, 19th September 2016: As Project Sentinel completes the first round of assessments of potential technology partners, the initiative is pleased to announce an increase in consortium numbers from the original 4-7 banks to 8-10 banks in the current phase.
The initiative to mutualise the cost of MiFID II implementation in the OTC front office is now moving forward with its plans to create a best-of-breed technology solution in collaboration with its short-listed vendors, which include software development houses as well as off-the-shelf suppliers. The process started with a long list of 40 vendors, which has now been whittled down to two potential solutions. The next phase of the initiative will define inter-operability standards for the Sentinel components thereby allowing integration and interoperability with banks’ existing diverse and complex technology platforms.
The focus on standards and interoperability allows Sentinel members to choose the specific components they wish to implement out of the suite of 10 front office and reporting components that Sentinel is creating, thereby maximising the benefit from the Sentinel mutualised approach.
The group continues to benefit from the low costs afforded by mutualisation across multiple streams of activity, including:
- Shared regulatory analysis and interpretation;
- Updates to specifications as regulations and requirements are clarified;
- and dedicated resources focused on delivering the Sentinel project on time and to budget.
Sassan Danesh, Managing Partner, Etrading Software commented: “The growth in consortium numbers is testimony to the benefits of collaboration in mutualising costs and lowering regulatory uncertainty through shared analysis and interpretation.”
Vincent Grandjean, Head of Product Management for Fixed Income Electronic Trading at Santander Global Corporate Banking, said: “Since early this year the group of Institutions have been working together at a determined and fast pace on the Sentinel initiative. The journey has now reached its next important milestone with the final selection of the partners that will allow us to implement a MIFID solution with a service model in line with the main objectives of Sentinel: To deliver, in collaboration with our peers, a MiFID II compliant and fit-for-purpose solution, achieving favourable costs through mutualisation.”
John Demant, Head of Transaction Reporting for Nordea, said: “As we prepare for MiFID II implementation, it is critical that we work together to find solutions which are efficient and cost effective. Project Sentinel is such an initiative, which ensures we can reduce regulatory uncertainty and increase interoperability. We can now work together to deliver MiFID II compliance through mutualisation.”