IHS Markit Launches MiFID II Solution for Regulatory Outreach and Repapering

May 25 2017 | 10:30pm ET

Data and analytics specialist IHS Markit has launched a new platform on its Counterparty Manager module designed to address specific regulatory issues presented by the upcoming implementation of Europe's MiFID II, including counterparty documentation and repapering challenges.

The new platform, named Outreach360, also tackles challenges surrounding regulatory outreach and repapering between counterparties, IHS Markit said in a statement. The platform also supports outreach for KYC, tax and global regulatory data, including due diligence questionnaires.

MiFID II presents sweeping changes in European financial regulation and will affect firms broadly over the next year leading up to its January 2018 deadline. According to a recent study conducted by IHS Markit and the Boston Consulting Group, preparations for MiFID II are estimated to cost the financial services industry a total of $2.1 billion in 2017.

Outreach360 provides a single, standardized way to streamline bilateral communications and efficiently manage counterparty outreach campaigns, the company continued. It enables firms to centralize information by creating, sending and receiving notifications in one place, track the progress of outreach efforts with real-time status updates, and access a full document audit - including legal contracts, terms of business repapering and due diligence questionnaires.

The IHS Markit Outreach360 platform leverages the existing network of information within the company’s Counterparty Manager, which serves more than 9,000 corporates and buy-side firms and over 100 banks.

“The successful implementation of MiFID II hinges on the effective exchange of large volumes of data between firms and their customers,” said Darren Thomas, head of Counterparty Manager at IHS Markit. in the statement. “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.” 

A product of the 2016 merger between global information and analysis specialist IHS and and market data leader Markit, IHS Market is a provider of information, analytics and solutions for world’s major industries and markets. The company has more than 50,000 customers in 140 nations, 85% of the Fortune global 500 and 94 of the largest U.S. corporations. 

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