NEX launches ISCI service 13 February 2018London Reporter: Brian Bollen
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NEX Regulatory Reporting has launched its short code identifier service, the Industry Standard Common Identifier (ISCI).
The new ISCI will help market participants comply with the requirements of the second Markets in Financial Instruments Directive (MiFID II) while protecting the data of individuals.
As part of the MiFID II regulation, industry participants are to include the personal data of the decision maker and the client responsible for the execution of the transaction in their reports so they can be identified by the regulator.
It will also help meet future General Data Protection Regulation requirements, which come into effect from 25 May.
These require personal data to be kept in an identifiable format for no longer than necessary and anonymised if retained.
Collin Coleman, head of NEX Regulatory Reporting, said: 鈥淧roviding a secure data repository for personal information that can be used by the entire market will reduce the data management and storage costs for all involved and ensure that the data has been validated to meet all regulatory standards. We鈥檙e also enhancing data protection by investing in highly sophisticated data security.鈥�
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