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Research update on migration to MiFID

Financial services companies require more IT investment and face huge challenges as they prepare for the arrival of the Markets in Financial Instruments Directive (MiFID) regulations in November, according to research from Towergroup.

Financial services companies require more IT investment and face huge challenges as they prepare for the arrival of the Markets in Financial Instruments Directive (MiFID) regulations in November, according to research from Towergroup.

In research soon to be published, the analyst company said there are unidentified as well as identified obstacles impeding the success of the regulations. MiFID is designed to ensure financial organisations can prove they offer customers the best deal.

There are massive IT challenges for the storage of data related to pre- and post-trade transparency requirements, which are aimed at increasing competition.

Outlining some headline findings of the upcoming study Bob McDowall, senior analyst at TowerGroup, said more technology investment is needed. “MiFID requires financial institutions to make further investment in technology applications to meet compliance requirements,” he said.

He said that there will be companies that suffer. “As a competitive business opportunity MiFID is at best uncertain and for many financial institutions high risk.”

He added that short-term effectiveness will be “derailed by the lack of uniformity in timing of implementation and detailed national interpretation of MiFID.”

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Comment on this article: computer.weekly@rbi.co.uk

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