Firms not ready for MiFID
LONDON – While financial institutions are expecting the deadline for the implementation of the Markets in Financial Instruments Directive (MiFID) to be pushed back to November 2007, as many as 80% of UK and North American firms with operations in Europe may not be prepared, new reports suggest.
An online survey of 35 firms released this week by the MiFID Joint Working Group (JWG) and Riversix, a specialist consultancy, found that 80% of UK-based securities firms do not have or do not know if they have a technology strategy in place for MiFID compliance.
Separately, financial consultancy Capco estimates that 80% of Northern American banks are not ready to meet the deadline for complying
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