BRAXXON News - Preparing for MiFID: A case study
The challenge
Senior management of a tier 1 investment bank, invitees to a recent BRAXXON Lunchtime Briefing on MiFID, requested BRAXXON to undertake an impact analysis of MiFID on its global operations. The study was based in
The approach
In-depth knowledge of MiFID, underpinned by a proven MiFID-specific methodology and diagnostic tools, enabled the impact and gap analyses to be successfully completed to time and budget in an intensive 10 weeks. The process used structured interviews with over 60 managers and global business heads. Through this process MiFID awareness within the bank was very significantly raised and the BRAXXON team of three senior consultants was the catalyst for increased momentum and urgency, in the move towards achieving compliance.
The impact analysis enabled the team to precisely identify those business units most impacted by MiFID thereby concentrating the gap analysis on the most critical areas. Importantly, the gap analysis was undertaken with the fullest support and participation of client personnel. The essential information, collected via a series of interactive workshops, allowed BRAXXON to accurately assess the remedial work necessary to close the gaps and provide budget figures for time and resource within a comprehensive implementation plan.