Fintecs launches MiFIDMap Workbench
London -- 8 Feb 2007 -- Fintecs has launched MiFIDMap Workbench, the first visual MiFID software tool developed specifically to show compliance officers the MiFID regulations, how they relate to their own trading processes and how far their business processes are compliant. The new tool has the backing of Microsoft and will save weeks of effort for major financial institutions faced with the headache of becoming MiFID compliant before November.
Says Fintecs managing director Tony Gratton, ’By 1 November 2007, all organisations that trade in, or advise on financial instruments will have to make sure that their trading practices comply with the new MiFID regulations - or face legal penalties. Organisations have only months to put in place changes to their trading processes - a very demanding task. We have developed MiFIDMap Workbench specifically to save them weeks of time and effort in making sure they are compliant.’
MiFIDMap Workbench is a fully interactive visual tool that guides users through the regulations, and shows how MiFID relates to their own trading processes. Managers can interact with the Map, customising it with their own organisation’s data to reflect changes in their processes in a see-at-a-glance ’heat map’ format.
MiFIDMap has the backing of Microsoft. Says Ian Warford, Industry Director for Securities and Capital Markets EMEA at Microsoft Financial Services, ’Together with our partners, we are now offering a solution suite that helps financial institutions comply with MiFID main challenge areas, including Planning and Testing, of which Fintecs MiFIDMap WorkBench is a key component. With the MiFID deadline only 10 months away, and with many financial institutions still working on making their systems compliant with the EU directive, Fintecs MiFIDMAP Workbench is an important tool that can enable them to visualise their compliance needs and map the progress of the organisations compliance process.’
According to Stephen Mitchell, Head of Compliance with Investment Manager Selection Ltd., ’MiFID is no doubt driving the most significant change in UK regulations since the creation of the FSA and all firms will need to be fully prepared for its implementation in November 2007. MiFIDMap has the potential to assist in both the analysis and project implementation of the MiFID changes and should save significant time and effort.’
Fintecs MiFIDMap Workbench is priced at £4,500 (ex VAT) for a 1-user licence.
A trial version of MiFIDMap Workbench can be downloaded from Fintecs MiFIDMap website site at www.mifid-map.com.
- Contact Information
- Tony Gratton
- Managing Director
- Jacqui Green, JGMpr
- Contact via E-mail
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