Banks are ignoring Mifid threat, says Celent
BRUSSELS – The forex industry will be beset by law suits and regulatory action if it continues to ignore the Mifid directive coming into force next year, according to a research consultancy.
"Banks are completely unprepared for the directive that is to come into force 12 months from now," said Octavio Marenzi, chief executive of research firm Celent. "It could drive much of the FX derivatives market onto an exchange as banks have so far done nothing to prepare for the directive."
He said that banks offering FX derivatives need to put into place procedures that show that they can deliver best execution in terms of price on structures that they offer buy-side customers. "There
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