The new platform will enable asset managers and distributors to capture, share and transmit MiFID II data across Europe to all relevant stakeholders
The Investing and Saving Alliance (TISA), UK’s financial services membership body, has selected Atos for the development of a digital utility for the asset management industry, called the TISA Universal Reporting Network (TURN).
TURN is claimed to simplify regulatory reporting requirements for Markets in Financial Instruments Directive II (MiFID II), the regulation that increases transparency across European Union’s financial markets.
Expected to be launched in the last quarter of this year, TURN will be based on blockchain technology.
With the new platform, asset managers and distributors including financial advisers can now capture, share and transmit MiFID II data across Europe to all the relevant stakeholders, through a standardised EMT (European MiFID II Template).
It will allow all the relevant parties to gain access to EMTs on a real-time basis. Presently, the information exchange is inconsistent and sometimes companies find it difficult to obtain all the data they need from other firms to enable disclosure of all costs.
TURN to create investment opportunities for end-customers as well
The platform is expected to create investment opportunities for end-customers as well, as it could help in making it easy for asset managers, distributors and their customers to ensure that the products being marketed and sold to them are comparable, clear about the costs, and appropriate for the target market.
TURN is also expected to provide consistency to asset managers when Environmental, Social and Governance (ESG) reporting obligations start in the first half of next year. It will make sure that the end customers are well informed about their options for investment.
Atos markets (global) financial services & insurance industry consulting head Adrian Davis said: “We are delighted to partner with TISA to develop and operate the bespoke and highly innovative MiFID II blockchain utility which will provide a revolutionary and secure data exchange solution for the asset management industry.
“This partnership further increases our presence within the investment sector, building on the already strong presence of Atos within the UK financial services industry.”