TISA & Atos to build European MiFID II blockchain utility for asset management industry

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UK-based cross-industry financial services membership body, TISA announced today that it has appointed Atos to build a digital utility for the asset management industry called the TISA Universal Reporting Network (TURN). The companies stated that TURN will help in the simplification of regulatory reporting requirements for MiFID II and will be available across Europe with its launch due in the last quarter of 2020.

Jeffrey Mushens, TISA, Technical Policy Director, commented, “Atos has been appointed as the vendor to collate and share the data collected. After a competitive pitch process, it was clear that Atos had the strongest reach and technical capability, enhanced by their clear sense of enthusiasm to be involved with this game-changing project.

“The impact will be substantial, for all types of firms working in this space, including the UK, the EU and Switzerland. 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. We expect that the solution will enable the future delivery of key data for ESG as well as for feedback and other regulatory requirements. This is an industry-led and run, not-for-profit initiative that will ultimately ensure that consumers are offered the best and most suitable products.”

According to the companies, the new platform will allow asset managers and distributors to capture, share and transmit MiFID II data across Europe to all relevant stakeholders, through a standardised EMT (European MiFID II Template). It is expected to open up investment opportunities for end-customers and provide better consistency for asset managers when Environmental, Social and Governance (ESG) reporting obligations begin in the first half of 2021.

Adrian Davis, Head of Markets (Global) Financial Services & Insurance Industry Consulting, Atos, said, “We are delighted to partner with TISA to develop and operate the bespoke and highly innovative MiFID II blockchain utility which will provide a revolutionary and secure data exchange solution for the asset management industry. This partnership further increases our presence within the investment sector, building on the already strong presence of Atos within the UK financial services industry.”