Get in Touch
T: +44 20 3695 9251
E: info@grtconsult.com
71-75 Shelton Street Covent Garden, London, WC2H 9JQ
Get in Touch
T: +44 20 3695 9251
E: info@grtconsult.com
71-75 Shelton Street Covent Garden, London, WC2H 9JQ
A mid-tier international bank needed a clear view of MiFID’s regulatory, IT and business impact across its UK operating units — including investment banking, treasury and specialised finance, and private banking — and the branch activity it maintained elsewhere in the EU. Without a shared heat map, management actions and programme design would fragment by desk.
GRT completed the impact analysis across five UK operating units. We ran awareness workshops, built heat maps of MiFID impacts by operating unit across thirteen work streams, produced impact reports per unit, and identified the management actions that followed. We also designed a high-level project plan and the overall programme structure so the bank could move from analysis into delivery on one spine.
GRT left the bank with a single impact picture it could govern: heat-mapped effort by unit and lifecycle stage, data-architecture and reporting templates for best execution and transaction reporting, and a programme shape ready for build — rather than a stack of siloed workstream notes.
Illustrative outputs from the impact programme: operating-unit heat maps across the trade lifecycle, a front-office data-flow template for best execution and reporting, and an RTS 27 field-source map for management actions.
Gaps and relative effort across operating units and the trade lifecycle (illustrative programme view)
| Operating unit | Pre-trade | Trade | Post-trade | Monitoring & data | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Client onboarding | Sales / origination | Pricing | Order initiation | Order execution | Risk mgmt | Booking / routing | Affirm / confirm | Clearing & settlement | Business mgmt & reporting | |
| Equities |
|
|
|
|
|
|
|
|
|
|
| Fixed income |
|
|
|
|
|
|
|
|
|
|
| FX |
|
|
|
|
|
|
|
|
|
|
| Commodities |
|
|
|
|
|
|
|
|
|
|
| Structured products |
|
|
|
|
|
|
|
|
|
|
Generic data flow — quote / order capture through to best execution and transaction / trade reporting
Sample daily instrument pack — field sources mapped for impact analysis
| Field | Source |
|---|---|
| Description | TR |
| Identifier (ISO 6166) | TR |
| Classification (ISO 10962 CFI) | TR |
| Currency (ISO 4217) | TR |
| Field | Source |
|---|---|
| Simple average transaction price | TR |
| Volume-weighted transaction price | TR |
| Highest / lowest executed price | TR |
| Time point | Avg executed price | Total value | First trade after T | Reference price |
|---|---|---|---|---|
| 09:30 · 11:30 · 13:30 · 15:30 | TR | TR | TR price, time, size, system, mode, platform | BEM |
| Field | Source |
|---|---|
| Link to costs disclosure | Static |
| Total value of costs | Assessed in impact analysis |
| Field | Source |
|---|---|
| Orders / RFQs received | QCT |
| Transactions executed · value | TR |
| Cancellations · modifications | QCT |
| Median size · market makers | TR / QCT |
| Field | Source |
|---|---|
| Mean / median time acceptance → execution | QCT |
| Mean / median time request → quote provided | QCT |
Impact analysis maps which operating units already hold TR / QCT / BEM data and where capture or vendor feeds must be built.
