In 2007, the Markets in Financial Instruments Directive (MiFID) legislation was brought in to regulate how, and where, firms who provide services to clients can trade in financial instruments such as shares, bonds, and derivatives.

To strengthen the protection offered to investors, changes in this legislation are due to take effect from the 3rd January 2018. These changes are called MiFID II.

As announced in the recent press release, Appsbroker are delighted to be working with strategic partners Google, to deliver a MiFID II compliant solution, called Project Sentinel, to a consortium of global banks.

The Appsbroker and Google solution for Project Sentinel was selected from a list of over 70 vendors, and proves that Appsbroker are continuing to develop applications that transform the way information is surfaced, captured, and shared; delivering real-time insights on a scale never seen before in Financial Services.

Open Standards, Open Architecture; One SaaS Solution

An accelerated cycle of discovery has been completed to ensure that the full solution will enable voice and instant messaging initiated trades to be recorded, audited, and reported to financial authorities when appropriate, and will provide a fully compliant service which can be integrated into a variety of complex technology platforms. Additionally, Project Sentinel will provide components that can be used by other workflows that are impacted by the regulations, particularly around reporting.

With a focus on open standards, and an open architecture to enable interoperability with existing technology, Project Sentinel is committed to a flexible, future-proof solution that works for all of the consortium members.

Project Sentinel will leverage innovative technologies from Google Cloud, such as Cloud Dataflow, Cloud Pub/Sub, BigQuery, Container Engine, and Container Registry.  Coupled with the Appsbroker Appsflow platform, these technologies are enabling the engineering team to deliver this complex solution at pace. 

Google Cloud will also be the backbone for many supporting services, such as Logging and Monitoring, along with Cloud Identity and Access Management.

Compliance Through Agility

Project Sentinel is an Agile development project, which has already enabled the banks to integrate the initial components. Furthermore, each of the consortium members are able to elect which components they wish to integrate, enabling them to manage their own roadmap to MiFID II compliance. The project will continue to provide monthly releases, until a fully compliant version is available at the end of Q3 2017.