IT professionals in the City of London are being offered
training in the IT requirements and systems that will be ushered in
by the Markets in Financial Instruments Directive
(Mifid).
The course is designed to help back-office IT employees and
contractors understand what financial services companies need to do
in advance of the arrival of the regulations on 1 November this
year.
Every investment bank and stock exchange in Europe will need to
change key systems so that they can best take advantage of
Mifid.
The two-day courses, which start this month, will be run jointly
by Mifid think tank JWG-IT and training company Eukleia.
PJ Di Giammarino, chief executive at JWG-IT, said, "The course
is aimed at people who are tasked with seeing through the
implementation of Mifid. We want not just IT, but also compliance
and the folks that run the banks within those functions."
The course, which costs £1,500 per person, will explain the four
main changes that businesses will have to make to comply with
Mifid:
● Offering products and services to the market
● Transacting business, such as equities and bonds trading
● Making prices transparent
● Governance requirements.
JWG-IT will also offer guidance on whether firms need to change
their existing outsourcing arrangements to comply with Mifid.
Implementing Mifid is the main challenge facing financial
services companies in the UK, France and Ireland this year, after
the regulators in all three countries published their final Mifid
regulations last month.
On 22 January, a consortium of nine investment banks announced
that it had selected an IT supplier to build a pan-European
information sharing platform for Mifid.
Preparing for Mifid
'Activate IT
teams early for success'
Banks 'have
in-house skills' to be ready for Mifid
www.fsa.gov.uk/pubs/international/planning_mifid.pdf
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