IHS Markit launches MiFID II solution

IHS Markit, a specialist in critical information, analytics and solutions, has launched its Outreach360 platform which is available on Counterparty Manager.

Outreach360 is designed to address specific MiFID II regulatory rules including the need to manage and share documentation as well as address regulatory outreach and repapering between counterparties.

The platform also supports outreach for KYC (Know Your Customer), tax and global regulatory data including due diligence questionnaires.

Outreach360 provides a single, standardised way to streamline bilateral communications and efficiently manage counterparty outreach campaigns. It enables firms to centralise information by creating, sending and receiving notifications in one place. Users can also track the progress of their outreach efforts with real-time status updates on a customisable dashboard. In addition, a full audit history is available on any information exchanged, including legal contracts, terms of business repapering and due diligence questionnaires.

The IHS Markit Outreach360 platform leverages the existing network of information within Counterparty Manager, which serves over 9,000 corporates and buy-side firms and over 100 banks.

MiFID II presents sweeping changes in European financial regulation and will affect firms broadly over the next year leading up to its January 2018 deadline. According to a recent study conducted by IHS Markit and the Boston Consulting Group, preparations for MiFID II are estimated to cost the financial services industry a total of USD2.1 billion in 2017. The revisions of MiFID will drive material changes and modernisation of the financial services landscape across market structure, investor protection, transparency reporting and organisational requirements.

“In collaborating with buyside and sellside working groups to design Outreach360, it became apparent that the successful implementation of MiFID II hinges on the effective exchange of large volumes of data between firms and their customers,” says Darren Thomas (pictured), managing director and head of Counterparty Manager at IHS Markit. “Up until now, there were no solutions like Outreach360 in the market to support end-to-end outreach that can be fully customisable for each financial counterparty. IHS Markit will be first-to-market to fill that gap with a platform that solves a critical need in the financial services industry.”

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