Addressing MIFID II regulations with state-of-the-art recording infrastructure.
In January 2018, the MIFID II regulation – or Markets in Financial Instruments Directive – came into effect. Banks are now required to provide evidence that they screen the profile and investment knowledge of their clients in their commercial activities.
In order to meet this new regulatory challenge, one of Belgium’s largest financial institutions turned to Tein Technology to develop recording infrastructure that meets all the legal requirements.
Tein Technology’s solution for challenges presented by MIFID II
The client needed a system with a setup that was at once versatile yet easy to manage. What was more, the records from the old recording infrastructure needed to be migrated to the new infrastructure once it was up and running. We developed, implemented and integrated infrastructural solutions that meet today’s regulations.
Telephone communication needed to be intercepted, encrypted, catalogued and stored onto two servers: one for main storage and another as backup to minimize the risk of data loss. The system was fitted with access barriers so that only managers with the right clearance would be given access.
A NICE partnership
For this project, Tein Technology partnered with NICE, an Israeli-American company specialized in recording infrastructure for financial markets.