Achieving Regulatory Compliance and Embedding Best Practice
An international financial services company approached Version 1 to help them update their trading platform in order to meet regulatory requirements on time.
The company enhances operational efficiencies for the world’s electronic trading communities including Tier 1 Investment banks, hedge funds, proprietary trading firms and exchanges.
Client Profile
Key Challenges
Customer Challenge
MiFID II is a legislative framework instituted by the European Union aimed at protecting investors and ensuring financial markets operate in the fairest and most transparent way possible.
The customer urgently needed to update their trading platforms in time for MiFID II, but due to other project commitments, they did not have the bandwidth or expertise to complete the project.
Version 1 was selected as their strategic IT partner to help their internal team update their trading platforms in line with regulatory requirements.
Solution
Capital Markets Delivery
Version 1 has a strong track record of solution delivery to the Capital Markets, developing multi-asset class market data, order entry and risk applications for Tier 1 institutions and vendors.
Leading this project, a team of front office connectivity specialists was deployed to work collaboratively with the customer to implement agile practices and form a blended, self-managed team.
Through frequent daily touch points and ongoing contact with the customer, a strong relationship was established which enabled the team to add value immediately. Amid evolving requirements, this ‘agile’ approach allowed the team to prioritise and deliver all required changes in line with agreed milestones and overarching regulatory deadline.
Real Differences...
...Delivered.
- Version 1 helped the customer to implement all required upgrades to their trading platform for MiFID II ensuring regulatory compliance, on time and within budget.
- The Version 1 led team delivered upgrades and enhancements 5 times faster than the customer has historically been able to deliver.
- Version 1 introduced and embedded agile methodologies and development best practices, empowering the customer to operate more efficiently and effectively in the future.
