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."