Investment banks have been urged to involve their
technology people from the start of projects in order to be ready
for the Markets in Financial Instruments Directive (Mifid) when it
comes into force late next year.
Chris Pickles, chairman of Mifid think-tank the Joint Working
Group, said "Serial development [where each department takes its
turn to plan for Mifid] is impossible, but it is happening in most
of Europe because that's how they are organised."
Pickles also told delegates at the Sun Live Financial Services
2006 conference that banks' IT chiefs could help standardise IT
protocols in the European equity market.
Pickles said, "Not one of Europe's 21 stock exchanges uses the
same messaging standards. Customers are going to change that over
the next few years because it is costing them too much."
