Best execution reporting requirements for electronic communications under MiFID II

Robin Smith

Journal of Securities Operations & Custody, 2017, vol. 9, issue 4, 321-328

Abstract: Electronic communications not only includes e-mail, but also refers to a myriad of channels, file types and collaborative applications that are used extensively everyday by single individuals with multiple identities. The tools that many firms use today, however, to control, store and report are the same ones installed over 10 years ago that were specifically designed for one channel only — e-mail. This paper considers the challenges facing firms regulated by Markets in Financial Instruments Directive II (MiFID II) in their ability to store, conduct eDiscovery and Supervision reviews and report electronic communications data. It considers the: • exponential growth in volume and diversity of electronic communications required to conduct business today; and • the many legacy systems involved in a single search or investigation. It conveys strategies organisations can implement to rectify the situation, not only to meet MiFID II guidelines surrounding electronic communications, but also to future-proof against newer regulations and emerging communications channels, and to consider whether the ultimate nirvana is within reach: a single user interface for all electronic communications that responds with Google-like speed.

Keywords: electronic communications; Markets in Financial Instruments Directive II (MiFID II); General Data Protection Regulation (GDPR); archiving; eDiscovery (search for similar items in EconPapers)
JEL-codes: E5 G2 K22 (search for similar items in EconPapers)
Date: 2017
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