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John Cant Managing Director at MPI Europe Ltd
If you are going to delay a major financial sector initiative then six months is probably the minimum delay that makes sense. Anything shorter does not give institutions time to react, and anything much longer would undermine confidence that it will be delivered. The revised target live date of May 2008 for the Faster Payments Scheme follows this ...
12 February 2008 /payments UK Faster Payments
With thoughts switching from MiFID compliance to the post MiFID impact on markets, here is a brief summary of some research on the probable impact on smaller European equity markets. The traditional view is that with MiFID small national exchanges will cease to exist as they will be wiped out by the major exchanges/MTFs that MiFID facilitates. How...
28 January 2008 /wholesale MiFID
The humble cheque seems to have some very keen supporters as Ian Benn's blog demonstrates, so I thought it was worth sharing some material extracted from the most recent MPIE Financial Sector Bulletin (to receive a full copy of this bulletin each month just send an email containing the word subscribe to contact at mpi-europe.com) Over the last 10...
05 December 2007 /payments UK Faster Payments
Okay, so you are probably reading this blog because of the title, so I had best explain what it is all about. In the olden days - so I understand - when the UK Monarch died, a courtier used to announce the "King is dead, long live the King". Presumably this was both to signal the passing of an era, as well as to express continuity of the...
30 November 2007 MiFID
The FT has reported that the UK's only residential property stock exchange, the Property Investment Market, has been forced to suspend its business after failing to meet new MiFID regulations. They have failed to gain approval so far from the FSA as a Multilateral Trading Facility or MTF. This news is interesting (using the word in its MiFID sen...
22 November 2007 /retail MiFID
So you survived MiFID Day, and indeed the first MiFID week; survived the incessant MiFID blogs and weeklong MiFID press coverage, History of MiFID, MiFID in numbers, and special features on MIFID from special MiFID personalities some of whom we had never heard of before. You have ticked the MiFID box at least once, in fact, probably at least once ...
07 November 2007 MiFID
I think this direct quote from one of the template MiFID letters being sent by clients to their brokers is a slight understatement! With only a few hours to go before the MiFID gun fires, a massive paperchase is still underway in financial institutions around Europe and beyond. Scanned versions of consent forms with hand written updates are floodi...
31 October 2007 MiFID
As I write this blog, teams across the UK are putting their final MiFID changes into systems ready for M-Day this week. Although MiFID is a Europe wide regulation - I say across the UK deliberately. Whilst the likely impact of MiFID has been compared to Big Bang, the implementation of it has essentially become phased - although not by design - due...
28 October 2007 /wholesale MiFID
The FSA have proposed this week that the cutover date for MiFID transaction reporting should move from 1st November to 5th November (i.e. to a more conventional Monday go live date) giving more time over the weekend to switch over and test the new processes and systems. This is, at face value, a practical move that is likely to make the switchover...
02 August 2007 /wholesale MiFID
In which activity are Romania, Ireland and the UK current leaders in Europe, and Italy and Spain are bottom of the league? If you have been following the financial press coverage, you will not doubt have quickly answered MiFID transposition (the copying of the MiFID directives into a states local law). Okay, not really an Olympic sport, although s...
02 July 2007 /wholesale MiFID
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