WHO’S READY for MiFID?

By PJ Di Giammarino

 

All fine or fines for all?

The Markets in Financial Instruments Directive (MiFID) is set to become effective from November 1st 2007. It is the cornerstone of the EU plan to become the most competitive financial market in the world by 2010. It is also the most far-reaching legislation ever directed at the sector, forcing firms to adopt new operating procedures to protect their positions and comply, collectively spending billions of euros on IT investment in the process. 

The implications for thousands of firms across the EU are immense, not least for those senior managers on whose heads blame will fall if fines are awarded. 

So will you be ready when ‘M Day’ comes around?

MiFID HEALTHCHECK – an online self-assessment tool
This fully confidential online questionnaire enables you to assess where your firm stands in relation to others in the industry. A series of 34 straightforward questions explores various key aspects of your operations against MiFID requirements, spotlighting those areas falling short of compliance. It then compares your responses to those firms of similar size and type of business, offering a vital benchmarking tool. 

Users of the MiFID Healthcheck will be able to return to the survey as often as they like to see how their own progress compares with their counterparts across Europe.

Who’s Ready for MiFID? is the IFR intelligence report that analyses the responses to the poll.
The results show a surprisingly wide range of responses. With the deadline for implementation of MiFID looming, there is still widespread confusion about what needs to be done to comply with the directive and about the consequences for those that don’t. Though on certain points, there is alarming consensus:

  • 95% of respondents are expecting fines for non compliance to be awarded from Quarter 1, 2008
  • 90% expect more fines every following quarter.
  • 68% expect the first client to challenge their “best execution” in the first quarter of next year, while 80% forecast a challenge before the autumn of next year.

Who’s Ready for MiFID? doesn’t just bring together these results. It puts them into a wider competitive context, giving vital insight into the impact the regulations will have on the competitive landscape. Written by one of Europe’s most knowledgeable and experienced experts in the field, this report should be essential reading for anyone looking to avoid pain and maximise gain in the post-MiFID landscape.

The MiFID HEALTHCHECK and report Who’s Ready for MiFID? are available now and priced together at £695/€1034/US$1,411 with a 15% discount for IFR subscribers. Purchasers also receive a 30-minute chat with the authors JWG-IT to discuss their Healthcheck results.

Order online now.

Alternatively please email managementreports@thomsonreuters.com or telephone +44(0)20 7369 7317 (EMEA), +852 8302 0265 (Asia) and +632 858 7473 (Americas).

For more information, please download the brochure here.