MiFID

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/MiFID

MiFID price tag estimated at £1 billion for UK firms

Despite some last-minute European Commission concessions, the UK's securities industry is still looking at a £1 billion price tag for complying with the Markets in Financial Instruments Directive (MiFID), says consultancy Atos.

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European Commission tables MiFID proposals

The European Commission has tabled formal draft proposals for its controversial Markets in Financial Instruments Directive (MiFID) fleshing out arduous new trade reporting and transparency requirements for securities industry participants.

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MiFID takes centre stage at Finexpo

There was standing room only at Cabot Hall, the venue for Finextra's annual City Technologies conference and exhibition Finexpo, which took place in London's Docklands, Thursday. Delegates from major investment banks, asset management firms and hedge funds crammed in to hear the latest viewpoints on key industry issues and to try out the latest technology on a sold-out exhibition floor.

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Giovannini puts in guest appearance at Finexpo; exhibition sold out

Alberto Giovannini, the author of an influential European Commission report on EU cross-border clearing and settlement arrangements, is to chair a special interest MiFID session organised by SunGard at a Finexpo satellite event in London's Docklands next week.

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Swift to establish MiFID working group

Financial network Swift says it is establishing a standards working group to ensure any future ISO message standards comply with the EU's Markets in Financial Instruments Directive (MiFID), which is expected to come into force in November 2007.

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FSA moves to cut red tape

Stung by criticism that it operates an overly prescriptive compliance regime, the Financial Services Authority (FSA) has published plans to reduce the cost and burden of regulations on UK firms.

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FSA warns firms to step up MiFID preparations

The UK's Financial Services Authority (FSA) is urging banks and asset management companies to step up their preparations for the implementation of the European Union's Markets in Financial Instruments Directive (MiFID), which the watchdog says is now likely to come into force on 1 November 2007.

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UK trade associations establish MiFID implementation programme

Four major financial trade associations in the UK have established a joint industry-driven programme to help firms implement the European Union's Markets in Financial Instruments Directive (MiFID).

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Buy-side unimpressed by MiFID

Over half of buy-side institutions believe that the introduction of the European Union's Markets in Financial Instruments Directive (MiFID) will impose high costs but provide little benefit, according to a survey conducted by electronic trading network Liquidnet Europe.

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City investment firms not ready for MiFID

New research published by the MiFID Joint Working Group (JWG) has found that more than two-thirds of London-based investment firms do not have - or do not know if they have - a framework in place for complying with the directive.

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Compliance costs mount as US banks slip behind on MiFID timetable

More than 80% of Northern American banks are not on schedule to meet the current April 2007 deadline for complying with the EU-wide Directive On Markets in Financial Instruments (MiFID), according to financial consultancy Capco.

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European Commission set to extend MiFID deadline again

The European Commission is set to delay the implementation of its controversial Directive On Markets in Financial Instruments (MiFID) by a further six months.

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MiFID compliance bill could reach $1 billion - TowerGroup

Broker-dealers trading on their own accounts will need to spend at least $22 million each to comply with the European Union's Markets in Financial Instruments Directive (MiFID), according to research from TowerGroup.

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FSA to review trading transparency in the bond markets

The UK's Financial Services Authority (FSA) has published a discussion paper to examine whether there is a need for greater pre- or post-trade price information in the secondary bond markets.

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European securities exchanges add to MiFID concerns

The Federation of European Securities Exchanges (FESE) has added its voice to the rising clamour about the EU's controversial directive on markets in financial instruments (MiFID).

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European Banking Federation slams MiFID proposals

The European Banking Federation (FBE) has criticised the EU's controversial directive on markets in financial instruments (MiFID) for being "too complex, cumbersome and restrictive".

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Deutsche Bank bans mobiles from trading floors

Deutsche Bank has banned the use of mobile phones at its trading rooms in a bid to make it easier to monitor traders' conversations with clients.

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FSA hits out at MiFID cost burden

The head of the UK's Financial Services Authority has launched a stinging attack on the European Union's new investment services directive, which he claims will impose significant costs in return for questionable benefits.

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MiFID to spark EUR1 billion IT spend

The EU-wide Markets in Financial Instruments Directive (MiFID) will lead to a EUR1 billion technology spend by capital markets participants, according to estimates by analyst group Celent, but it will also create a EUR1.15 billion revenue-generating opportunity for the investment industry.

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BearingPoint hires Alan Jenkins as head of MiFid

Consulting and systems integration firm BearingPoint has appointed Alan Jenkins as head of MiFID within its London-based financial services team.