Three months ago, we reported that IT consultancy Atos was working with UK financial services body TISA on a blockchain MiFID II reporting tool. This week, it was announced that the TISA Universal Reporting Network (TURN) targeted at fund distributors and asset managers would launch in the fourth quarter.
TISA claims that it will reduce data and analytics costs by up to 90% in the first year. Its members spend £200,000 per annum ($255,000) on average, and it may be possible to reduce the costs to £30,000 ($38,000). But the price will depend on firm size and TISA membership.
Europe’s MiFID Template (EMT) outlines data that has to be provided to customers about the costs of investment funds sold. The TURN solution aims to share this data and address the inconsistent quality of fund cost data that sometimes makes it hard for fund distributors to disclose all costs accurately. Consistent data will also help when comparing funds.
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