Most finance firms are now on track with their preparations for compliance with the Markets in Financial Instruments Directive (MiFID), a new survey has revealed.
MiFID, which comes into force next year, is regarded as the biggest change in the European financial services industry for over a decade.
The directive presents a compliance challenge for IT departments, which are already battling to meet the requirements of the Basel II capital accord, the Sarbanes-Oxley Act and International Financial Reporting Standards.
But a survey of 230 executives from finance firms in 12 European countries found that 84% of respondents said their firm was on track with its MiFID preparation.
Just 12% reported that their firm had not understood the directive or was actively opposing it, the research by analyst TradeTech and financial services software provider SunGard found.
Amaury de Ternay, head of global trading with French bank BNP Paribas’s asset management division said, “With MiFID we are observing an evolution that is quite rare: total coherence between the technological evolution of the market and the regulatory evolution.”
But more than half of those surveyed said the help they were receiving from their national regulator was “bad” or “very bad”, the researchers found.
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