Case Study: MiFID Programme Management
The Client
A major European Investment Bank.
The Challenge
A new European law effective from 1st November 2007 required financial institutions to make a distinction between a client that needed MiFID classification and those which did not require one. Financial institutions faced a major task of categorising all their clients to MiFID applicability and compliance and notify clients of the new terms of business if they needed a MiFID classification.
The assignment was to identify if clients needed a MiFID classification or not and if they did, satisfy the requirement as per the new regulation and notify clients of its applicability.
The Solution
- Lysis planned and executed the MiFID classification programme prior to the implementation of MiFID on 1 November 2007.
- 165,000 corporate and institutional clients classified in seven months.
- Trained and utilised an offshore team of 30.
- We used our own data management tool (DAMIT) to identify client applicability to MiFID by devising a complex matrix based on the nature of the business and its financial assets etc.
- Once clients were classified according to MiFID requirements our data managers tracked clients using the workflow capability of DAMIT until all documentation was complete.
The Outcome
Due to our manager's ability to modify our system as necessary at a short notice we were able to classify all clients within the deadline. Since we were tracking clients all the time by employing our sophisticated workflow tool, we could update our client of the progress we were making at a regular interval so that they were confident of the timely delivery.