Towards the end of March, at a London meeting organised by IT solutions think-tank JWG-IT, compliance and IT specialists from 28 banks sat down to discuss the data-storage and management requirements they will face under the upcoming Markets in Financial Instruments Directive (Mifid). The mood varied from bank to bank. Some had been taking part in similar meetings for over a year, and had come to terms with what Mifid requires. Others were in a state of shock.
"There's a whole class of