Firms fear not meeting MIFID deadline

News Article - 03 August 2007
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Many financial services firms are running the risk of not being able to meet the Markets in Financial Instruments Directive (MIFID) which will be enforced in November, it has been claimed.

According to IT Week, almost half of companies within the sector are not on track to meet the stipulations of the directive, with 46 per cent believing that the Financial Services Authority is not providing them with enough guidance to do so.

MIFID, which has been developed to create a single market for financial services within Europe, should not be viewed as something negative, states chief executive of guidance firm Equiduct Bob Fuller.

"Too many firms view MIFID as just another compliance issue … but it will be the catalyst for major market changes, and those firms understanding that will be the ones able to compete successfully in a borderless pan-European market," he said.

When the directive comes into place on November 1st, it will replace the current Investment Services Directive.

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