Mifid experts thin on the ground as deadline approaches

Daily news headlines

LONDON – With the implementation deadline of the Markets in Financial Instruments Directive (Mifid) just around the corner, recruitment consultants report that a bidding war for Mifid experts is under way as firms make a last-ditch effort to comply by November 1.

Much of the £1 billion estimated spend on implementation has been swallowed up by the need for staff to help realise Mifid implementation programmes. Recruiters quoted in the Financial Times newspaper recently say poaching is now common, and that it is not unusual for a senior Mifid specialist to receive offers and counter-offers in £10,000 increments. UK firms are mostly on target to meet the deadline, but other EU firms are struggling and, as a result, are offering inflated sums to Mifid experts in the UK to join their firms – a trend that is likely to continue over the next six to 12 months.

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