FSA admits 'substantial cost' of MiFID

A new study from the Financial Services Authority (FSA) reveals the costs and benefits of implementing the Markets in Financial Instruments Directive (MiFID).

Hector Sants, FSA managing director for wholesale and institutional markets, says: "MiFID represents a substantial cost to the industry particularly in the upfront years, but it does create the potential for revenue opportunities over the longer term."

The most bearish scenario relates to the regulation having "limited effect" in driving

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