MiFID akin to 'Big Bang'
BRUSSELS – In a wake-up call to UK financial institutions, an IT strategist at a major firm says the Markets in Financial Instruments Directive (MiFID) will have the biggest impact on UK markets since the 'Big Bang', and will have a billion-dollar price tag.
The Big Bang reference is to UK financial institutions' 1986 deregulation, and the subsequent automation of the UK markets.
Speaking at a forum on the implications of the regulation, sponsored by BT Radianz, Bob Fuller, head of IT strategy at Dresdner Kleinwort Wasserstein (DrKW) in London, stressed that MiFID, which is a European Union (EU) regulation due to come into force in April 2007, may cost European banks around e6 billion ($7.3 billion) in compliance.
MiFID aims to ensure best execution
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