Bankers warn of regulatory burden

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New financial regulations set to be introduced next year are creating a major resource headache for European banks, with many struggling to meet implementation deadlines. Next year will see the commencement of Basel II and the European Union's Markets in Financial Instruments Directive (Mifid), among others, which is putting a huge strain on financial institutions' back offices, say bankers.

"This is the biggest change in any financial market ever," said Lindsay Tomlinson, European vice

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