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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 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.
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.
Vincent Grandjean, head of product management for fixed income electronic trading at Santander Global Corporate Banking, says: “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.”