Tisa, the UK’s cross-industry financial services membership body, has called in Atos to build a European MiFID II blockchain utility for the asset management industry.
It will allow asset managers and distributors – including financial advisers – to capture, share and transmit MiFID II data across Europe to all relevant stakeholders, through a standardised European MiFID II Template (EMT).
Tisa says the platform will give all relevant parties access to the EMTs on a real time basis and this will be of a high and consistent quality. Currently, this exchange of information is inconsistent and sometimes firms struggle to obtain all the data they need from other firms to enable disclosure of all costs.
In addition, Turn is designed to open up investment opportunities for end-customers, as the platform should help make it easier 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.
Meanwhile, it promises better consistency for asset managers when Environmental, Social and Governance (ESG) reporting obligations begin in the first half of 2021.
Jeffrey Mushens, technical policy director, says: “The utility is clearly a sought-after ambition as we have been working with our members, including European asset managers, distributors, platforms, and IT firms to identify and address their needs through Turn.”