Six Financial Information is launching a platform to enable the electronic exchange of regulatory data and documentation between wealth and assets managers, banks and other parties.
The platform is meant to simplify data and document exchange as the industry prepares for host of new rulest through under the likes of PRIIPs and Mifid II.
As an example, Six said relationship managers will be able to use the interface to interact with the product issuers in a bit ensure they match their client’s profile.
It also claims the platform will make it easier for banks to automate their internal processes, enabling two-way connections and feedback loops between the buy-side and sell-side. Six believes this will help investors have access to a diverse global investment portfolio and transparent costs.
The platform also hopes to act as a central source for investor protection data.
Six added that product data, information and documents will be structured and exchanged in real-time in a standardised way, and in the right format for each regulation. This will allow information and documents to be requested on-demand at the point of sale.
Philip Lynch, head of markets, products and strategy said: ‘This platform, with its ‘ready-to-consume’ data, will help banks automate and scale their operations, reducing costs and increasing the speed of compliance.
‘Instead of focusing on each regulation individually, clients can depend on Six to support regulatory compliance for current and future regulations in tandem.
He added: ‘Retail investors will benefit from a robust industry platform that helps make the investment market more secure and efficient, and allows access a diverse global investment portfolio with maximum transparency.’