Digital utility shown to dramatically lower MiFID data costs
Dec 21, 2020 By Funds Europe
A digital utility has managed to lower data management costs related to MiFID II by over £100,000 (€110,000) for firms involved in the project.
The firms – which include the fund platform Allfunds and asset manager Fidelity International – belong to the Tisa Universal Reporting Network (Turn), which has officially launched.
Described as an industry-run utility, Turn’s aim is to ease regulatory reporting requirements of MiFID II and is now available across Europe based on blockchain technology.
The participating firms – which also include transaction network Calastone and Deutsche Bank - have disclosed that their data management costs averaged £200,000 per year until adopting Turn, after which the costs fell to less than £30,000 per year.