IFR Market Intelligence | Who's ready for MiFID table of contents

Chapter 02 - The JWG-IT MiFID change driver imperatives

Chapter 03 - Where the industry is today – the survey results

Chapter 01: MiFID – the background

What – a new set of EU regulations covering financial services
Why – because the last set of regulation has not worked
An ambitious implementation timetable
Problem – the banks are not built for such a change
Managing the change at the bank
What is changing – the MiFID change drivers

Chapter 02: The JWG-IT MiFID change driver imperatives

The JWG-IT MiFID imperatives, by change driver
The key issues, implications and ‘known unknowns’
The way forward

Chapter 03: Where the industry is today – the survey results

To what extent does the industry perceive its approach to MiFID to be strategic?
Establishing the MiFID pack focus
Summary of change drivers
Leaders and laggards by change imperative
How well are the MiFID changes being managed?
What is the perceived risk of non-compliance?
Firm work profiles
Views from the different points on the value chain
Geographic perceptions of work variance
How do the functions within a firm view the work
Does enterprise complexity affect the work left to do
Varying budgets and resources are allocated

Chapter 04: Interpreting the change

Customer-centric move
Immediate priorities
Customer priorities
Internal low priorities
Regulatory-driven change
Infrastructure response

Chapter 05: The health-check

Health assessment
Comparative health and happiness
Help yourself understand the major pain
Best execution – questions they do not want you to ask
Client classification – questions they do not want you to ask
Transaction reporting – questions they do not want you to ask
Record keeping – questions they do not want you to ask

Chapter 06: Conclusions

Summary: all fine for some

Appendix 01

The firms’ readiness for the 14 imperatives

Appendix 02

Survey mechanics

Appendix 03

The survey
Part 1 – Changes prompted by MiFID
Part 2 – Managing the MiFID change
Part 3 – Your view of the consequences of MiFID non-compliance
Part 4 – Your position in capital markets

List of tables and figures

Table 2.1: The 14 MiFID imperatives, by change driver
Table 2.2: Understanding customers and products
Table 2.3: Transacting the offering
Table 2.4: Creating market transparency
Table 2.5: Organise better

Table 3.1: Percentage of firms defining how they view MiFID
Table 3.2: Transaction reporting – work to do vs preparations
Table 3.3: Conflicts of interest – work to do vs preparations
Table 3.4: Firm governance – work to do vs preparations
Table 3.5: Client assets – work to do vs preparations
Table 3.6: Outsourcing – work to do vs preparations
Table 3.7: How prepared are firms to manage overall change
Table 3.8: Perceived risk by firm type
Table 3.9: Firms’ view on the 14 change imperatives
Table 3.10: Geographic view on amount of work to do for best execution
Table 3.11: Budget by staff distribution
Table 3.12: Budget by programme size
Table 3.13: Staff distribution by budget size

Table 4.1: The MiFID iceberg
Table 4.2: People/process, infrastructure and application/data impact on MiFID imperatives

Figure 1.1: MiFID – the broadest EU regulation yet
Figure 1.2: Timing of notifications of full MiFID transposition

Figure 2.1: Getting to a common consensus

Figure 3.1: Survey respondents
Figure 3.2: Who will move the market?
Figure 3.3: Amount of work needed, by MiFID change driver
Figure 3.4: Amount of work to do, by imperative
Figure 3.5: How well are the required MiFID changes being managed
Figure 3.6: Risk of non-compliance
Figure 3.7: Percentage of firms defining work to do by MiFID change imperative
Figure 3.8: Response to readiness, by firm type
Figure 3.9: Relative work to be done by firm type across all MiFID change drivers
Figure 3.10: Relative work to be done, by firm type
Figure 3.11: Importance of MiFID change drivers – compliance vs back office
Figure 3.12: Response to readiness, by job function
Figure 3.13: Relative work to be done, by department function
Figure 3.14: Complexity vs. perceived work required
Figure 3.15: Budget distribution
Figure 3.16: Staff distribution

Figure 4.1: Distribution to demonstrate best execution
Figure 4.2: Average number of fines expected per quarter

Figure 4.3: Spending focus for MiFID imperatives

Figure 5.1: My relative position compared to industry
Figure 5.2: My relative position compared to my peers

Figure A1: The firms’ readiness for the 14 imperatives

Reports

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