Client’s objectives:
• Ensure that the bank’s Luxembourg entities will comply with MiFID as of November 1st 2007
• Change the IT systems (including Olympic, AAA, internal developed applications…) to conform to the new Directive

Required changes:
• Client categorization with respect to their reference group (retail, professional, eligible counterparty)
• Controlling the level of product/service appropriateness and adequacy delivered to each client group
• Deliver best execution to clients (following an approach of obligation of means)
• Integrate the new CSSF reporting
• Create or integrate client reporting in order to communicate details of order execution and periodic management activities for clients under discretionary management


NGR Consulting Role

The main role of the NGR Consulting project manager was ensuring the cooperation between the IT services, the Organization department, and the business (both private banking and operations) in order to deliver the requested changes. The project manager has also performed the general project follow up through the definition of a detailed action plan for each IT application involved (Olympic, AAA, hub interfaces, internal developed applications…).


Methodology & Technology

Being one of the pilot banks in Luxembourg, the client has been working on the MiFID solution within the working group Guido, in association with ERI Bancaire. Alpha and beta tests have been performed in order to stabilize the system before the delivery to other banks of the place.


Results

Changes to comply with MiFID have been introduced in time and successfully during the week-end of November 3rd 2007.