Level 2 Draft Puts Industry on Notice
LONDON - Now that the European Commission has released the Level 2 draft of MiFID, most financial firms expect the November 2007 implementation date to be finalized any day now.
The new requirements may come with a high price tag. The cost of implementing the MiFID regulations for investment banks could mount up to £5 billion in IT expenditures, says Chris Pickles, manager of industry relations at BT Radianz and chairman of the MiFID Joint Working Group.
However, such costs are not a certainty, according to Anthony Kirby, director of financial services at Accenture. "MiFID will be less than one fifth of the cost of Basel II," says Kirby. "Maybe one or one and a half
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