STAC MiFID 2 SIG

MiFID 2 imposes requirements for time synchronization and sequence numbering of specific pre-trade and trade events occurring in European markets. Regulated firms may face technical challenges with achieving compliance, business challenges around proving compliance, or both.

The STAC MiFID 2 Special Interest Group (SIG) consists of organizations interested in the best solutions to these challenges. It is open to regulated firms of all stripes (sell-side, exchanges, IDBs, hedge funds, prop shops, investment management, etc.) as well as technology vendors. Membership in the SIG is currently free for the first year for any firms that are Contributing or Recipient member of the STAC Benchmark Council.

 

Get a jump start on planning

Starting to plan your MiFID 2 time sync implementation and need a comprehensive understanding of the topic from a business and technical perspective? Consider attending the Essentials of MiFID 2 Time Compliance workshop in London on May 9, as well as the MiFID 2 sessions at the STAC Summit the following day.

A sub-group of this SIG is the STAC-TS Working Group ("TS" as in time sync), a roll-up-the-sleeves group of technical experts that defines standards for measuring the accuracy of hardware and software combinations involved in timestamping (STAC-TS Benchmark specifications), as well as best practices for using particular approaches to synchronize business clocks and timestamp events (STAC-TS Best Practice Guidelines). 

Members of the STAC MiFID 2 SIG have access to materials that will be useful in planning MiFID 2 time sync implementation, such as:

  • STAC-TS Benchmark Specifications
  • STAC-TS Best Practice Guidelines
  • "Implementation Checklists for MiFID II Time Sync and Event Reporting", a living document maintained by STAC.
  • Private online discussion forums
  • The ability to review and comment on STAC responses to the regulators.
  • Additional materials as required by SIG members.

Once standards are agreed by the STAC-TS Working Group and supporting tools are developed, the STAC community will be able to test the time accuracy of specific products and product combinations when subject to the relevant load and exception scenarios. Official STAC Reports will be designed to support proof of compliance to national regulators enforcing the MiFID 2 Regulatory Technical Standard (RTS) 25. Commercial terms for tools and reports will be determined once SIG testing priorities are clear and the STAC-TS standards have been scoped.

MiFID 2 SIG Reports

STAC-TS Materials

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