MiFID Group Tackles Reference Data Issues

LONDON-The Reference Data Subject Group, a unit of the MiFID Joint Working Group (JWG), has started work on its Information Model project. The Information Model's aim is to define a data environment that will resolve current issues surrounding MiFID and reference data.

The group is now working on producing a list of issues that may affect a reference data manager dealing with the new EU directive. The issues list will include a brief description, actions to develop resolution (with owner and target date) and a proposed resolution.

According to the working group, major problems areas relating to MiFID and reference data surround instruments, parties (including identity, authority and place); markets/venues (such as non-equity markets); and miscellaneous (date/diary, country codes, jurisdiction and currency).

The sub-group is also building a conceptual model in order to gain an understanding of the information needs of businesses and technical issues. It will be used to get a common understanding of MiFID-related problems.

The Model will be designed around the Entity-Relationship (ER) model structure, which consists of entities, relationships, identifiers, some attributes, and sub-entities as building blocks and descriptions, where required, for these model components.