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Operations: Swinging the axe at data management costs
A not-for-profit industry ‘utility’ has demonstrated it can slash data management costs related to MiFID II.
Alex Rolandi speaks to those involved, asking about the project’s future – and where the cost reductions are made.
In December last year, The Investment and Savings Alliance (Tisa) launched a blockchain-powered tool aimed at reducing data management costs within the funds industry.
Since its inception, it has claimed to save firms involved in the project sums in excess of £100,000 (€115,600).
Participants – which include the fund platform Allfunds and asset manager Fidelity International – belong to the Tisa Universal Reporting Network (Turn). Described as an industry-run utility for both the UK and Europe, the aim of Turn – which is now available across Europe – is to ease the regulatory reporting requirements of MiFID II. Plans are in place to include ESG data and a tool to manage the Packaged R