Etrading software’s ‘Project Sentinel’ has completed a technology specification aimed at standardising MiFID II compliance, and is looking for a vendor to deliver it.
The MiFID II technology specification intends to “automate the regulatory process”, to maximise efficiency and minimise costs across the industry.
A series of 7 MiFID II workflows have also been developed, which detail changes required for the trading-flow between the client, sales person and trader.
Project Sentinel – which launched in June this year - is an initiative aimed at helping with the implementation of MiFID II rules on OTC trading.
Global head of eCommerce at ING Bank, Stephane Malrait, said the project aims to implement a technical solution which will ultimately “reduce costs for participants.”
Project Sentinel is now on the hunt for a vendor to deliver the solution following the development of tech spec.
Etrading software’s managing partner and Neptune spokesperson, Sassan Danesh, said the MiFID II tech spec was completed in just 7 weeks, “testimony to the desire of Sentinel banks to provide best in-class services to their client base in a MiFID II environment.”
Etrading is acting as the project management office, to facilitate the project between the banks.