Mifid IT Group Becomes Think Tank

LONDON—The Joint Working Group (JWG) of the Markets in Financial Instruments Directive (Mifid) has lost its IT subject group because it has spun itself off as a for-profit think tank, JWG officials confirm.

The new think tank, to be known as JWG-IT Ltd., will be led by Mifid pundit P.J. Di Giammarino, who also led the IT subgroup. He is the director of JWG-IT.

The work of the IT subgroup "had gotten too big," says Di Giammarino. "Bob Fuller and I talked to the rest of the JWG co-chairs and asked if they were ready to put the resources in the IT group. They couldn't." Di Giammarino then wanted to shift the work to consultants, researchers or analysts. "We received a resounding no," he says. Dresdner