Europe lagging on Mifid implementation
Europe's financial institutions are unprepared for the implementation of the Markets in Financial Instruments Directive (Mifid), according to a survey by the international financial services firm KPMG.
The survey, based on interviews with 199 executives at financial services companies around Europe, found that relatively few firms were ready for Mifid, which is scheduled to be implemented on November 1, 2007. Only 28% had appointed a project manager to oversee the Mifid requirements, while 30% of executives did not know what - if anything - their company had done to prepare for the directive.
Of the executives surveyed, 48% described their board's knowledge of Mifid as poor or very poor. And 41
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