Course readies City IT staff for Mifid compliance


Course readies City IT staff for Mifid compliance

Will Hadfield

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.

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