MiFID II Reforms and Their Impact on Technology and Security

In the latest round of regulations for companies doing business in the European Union, MiFID II will require some important overhauls for how data is stored

The European Union’s recent set of reforms known as the Markets in Financial Instruments Directive II (MiFID II) will have a huge impact on the entire financial industry, covering big banks, asset management companies, and wealth managers. MiFID II, which is the overhauled version of MiFID I, presents many new challenges for these organizations in terms of investments, trades, etc. These reforms take into account the tough lessons from the 2008 financial crisis and the developments that have taken place in the trading environment since MiFID I was put in place.

The MiFID I reforms were predominantly focused on reporting about equities and bonds, but with MiFID II, the scope of reporting has expanded to include commodities, currencies, and credit products. With this greater volume of transactions that need to be reported under MiFID II, storage and IT infrastructure requirements will increase exponentially, as will data security and integrity needs.

This has left many wondering what the MiFID II technology impact will be as they plan for the year ahead.

Whether it is stored on-premises or in the cloud, your data is your organization’s most prized possession, which many malicious actors will try to access and exploit. Therefore, the cyber security wing of your organization has lot of work to do to make sure that your business and reputation remain intact.

In this post, we review the basics about the MiFID II reforms and the impact they will have on your organization’s IT and security. We also offer a few strategies and suggestions on how to handle these new challenges.

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*** This is a Security Bloggers Network syndicated blog from Blog – WhiteSource authored by Blog – WhiteSource. Read the original post at: https://resources.whitesourcesoftware.com/blog-whitesource/mifid-ii-reforms-and-their-impact-on-technology-and-security