Falling on deaf ears

Private banks are crying out for a multi-issuer online trading platform. Investment banks have yet to respond, however, and instead cling to their proprietary platforms. In a climate of open architecture and new regulations, the investment banks are missing a trick, says Daniel Sheehan

From November 2007, the Markets in Financial Instruments Directive (Mifid) will require all private banks to secure best execution for clients. "The regulator demands that we accurately price and risk-profile products from a range of investment banks," says Andrew Popper, chief investment officer at SG Hambros Private Bank in London. The rules make sense, particularly in a climate of open architecture. After all, in theory at least, private banks are there to service their clients and not their