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Overview

MiFID II: new communications channels are expanding the compliance perimeter

The revised Markets in Financial Instruments Directive (MiFID II), implemented in January 2018, aims to strengthen financial stability by ensuring maximum transparency in markets. It impacts every aspect of how financial institutions do business and is probably the most sweeping financial industry legislation ever enacted. Its scope has broadened considerably over previous legislation to include a far wider range of firms and people within the financial advisor community, and it doesn't only apply to those who work out of European based offices.

Six Degrees Soteria is a unique, securely hosted, multimedia data management solution; valuable for most industries, though of particular benefit to those in the financial, legal, and insurance sectors where breached compliance can have huge consequences.

Unlike many data management tools that may focus on a singular transaction type, such as mobile voice or instant messaging, Soteria is designed specifically to enable real-time record, review, store, retrieve and fully compliant trade reconstruction capability, providing a secure single view across multiple electronic communication channels.

The intuitive Soteria self-serve portal enables your compliance manager, or those in their team with appropriate access rights, to set proactive alerts that can help detect, and potentially prevent, fraudulent or rogue activity from occurring. All search results are displayed graphically, allowing, for example, any significant change in financial trading activity to be visibly linked or traced to any related voice (trader, fixed line or mobile), email, instant messaging (IM) or SMS conversation as it happens.

With a single operational view, organisations can quickly adapt to future regulatory change, improve efficiency, effectively drive change - all, within a compliant business model.

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