Is IT Mifid-ready?
With the European Union's Markets in Financial Instruments Directive now in force, banks must have IT systems in place to publish trade and transaction reports, be able to prove they traded according to best execution guidelines, and store data post-trade. Are banks ready? Ryan Davidson reports
Compliance with the Markets in Financial Instruments Directive (Mifid) has been a constant headache for investment firms. Banks have pumped millions of euros into improving IT systems and infrastructure to deal with requirements around trade reporting, providing best execution to clients and data storing, to ensure they were ready for the November 1 implementation date.
While some have turned to third-party vendors to help with Mifid compliance, others have decided to develop systems in-house
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