Whilst not the only regime to do so, MiFID II asks that all electronic communications conducted in the fulfilment of trades, whether or not they were ultimately executed, to be captured, stored and handed over when requested.
‘Rebuild’ requirements relating to transactions have been strengthened and will go live in 2018. Under new rules market participants will need to provide all details of trades, within 72 hours of a request – all chat, emails, calls and hoot.
Human nature and the flow of business, mean that once a trade is done – it is done. And if an enquiry is cancelled or not fulfilled, then we move on – next trade, next chat, next call.
Unless communications data is structured as you go, then in retrospect the metadata mess will resemble that famous egg after he sat on the wall – a half baked omelette …
To rebuild a single trade, the middle office will review hundreds of hours of voice recording, chat and emails – the ‘humpty – dumpty’ moment, as ‘All the kings horses and all the kings men, couldn’t…’
To be continued…
Revista systems provide a fully integrated, workflow system putting data first and ensuring regulated organisations can conduct business the way they want.
One thought on “Voice Trading and the Humpty Dumpty moment…”