Atos, the French headquartered consulting agency with 110,000 workers, has landed a blockchain contract with UK physique TISA to construct a MiFID II reporting answer for asset managers and advisers.
The asset administration sector is ramping up its use of blockchain. Yesterday we reported that the Japan Exchange Group selected two pilot use circumstances targeted on funds.
Different fund administration blockchains embrace the UK’s Calastone, FundsDLT in Luxembourg, IZNES in France and FNZ in South Africa.
Atos announcement:
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TISA, the UK’s cross-industry monetary companies membership physique, right now declares that it has appointed Atos, a worldwide chief in digital transformation, to construct a digital utility for the asset administration {industry}, known as the TISA Common Reporting Community (TURN). TURN is being created to ease regulatory reporting necessities for MiFID II. Will probably be out there throughout Europe based mostly on blockchain expertise and is because of launch within the final quarter of 2020.
This new platform will permit asset managers and distributors – together with monetary advisers – to seize, share and transmit MiFID II knowledge throughout Europe to all related stakeholders, by way of a standardised EMT (European MiFID II Template). All related events could have entry to the EMTs on an actual time foundation and this will probably be of a excessive and constant high quality. At the moment, this alternate of data is inconsistent and generally companies battle to acquire all the info they want from different companies to allow disclosure of all prices.
All stakeholders who could have entry to the info may be assured that it’s right, and in a regular format.
It’s going to additionally open up funding alternatives for end-customers too, because the platform ought to assist make it simpler for asset managers, distributors and their clients to make sure that the merchandise being marketed and offered to them are comparable, clear in regards to the prices, and acceptable for the goal market.
Moreover, it should present higher consistency for asset managers when Environmental, Social and Governance (ESG) reporting obligations start within the first half of 2021. This can even guarantee the tip buyer is extra knowledgeable about their funding choices.
TURN will proceed to construct on the open requirements (downstream, upstream and template) that has been developed with TISA members. Will probably be run as a not-for-profit by the customers, for the customers.
Jeffrey Mushens, TISA Technical Coverage Director, commented: “Atos has been appointed as the seller to collate and share the info collected. After a aggressive pitch course of, it was clear that Atos had the strongest attain and technical functionality, enhanced by their clear sense of enthusiasm to be concerned with this game-changing challenge.”
“The influence will probably be substantial, particularly to companies working on this house throughout Europe. The utility is clearly a sought-after ambition as we’ve been working with our members, together with European asset managers, distributors, platforms, and IT companies to determine and handle their wants by way of TURN. We count on that the answer will allow the longer term supply of key knowledge for ESG in addition to for suggestions and different regulatory necessities. That is an industry-led and run, not-for-profit initiative that may in the end be certain that shoppers are provided the perfect and most fitted merchandise.”
Adrian Davis, Head of Markets (World) Monetary Companies & Insurance coverage Trade Consulting, stated: “We’re delighted to accomplice with TISA to develop and function the bespoke and extremely progressive MiFID II blockchain utility which is able to present a revolutionary and safe knowledge alternate answer for the asset administration {industry}.”
“This partnership additional will increase our presence throughout the funding sector, constructing on the already robust presence of Atos throughout the UK monetary companies {industry}.”
Atos was appointed as the popular provider after a aggressive pitch course of which noticed 13 companies return proposals to TISA.
