The sting in the tail of MiFID: IT infrastructure

In a few days (1st of November 2007) the MiFID will come into effect - and where are the firms standing at ? From what I have seen most of them are not ready. The effort has obviously been underestimated and, as this article in Bobsguide points out, the budgets that had been allocated to the task are way to small.

The budgets seem to be depending on "the state of its legacy systems and IT infrastructure. Firms that have a robust infrastructure, which has been designed to accommodate change and growth, and which enables interoperability between systems, will find it easier to achieve MiFID-compliance than those that have inadequate systems based on aging infrastructure with data trapped in multiple silos."

Seems to be obvious, although this observation seems to draw consequences for any data related change a company might have to face.

Deutsche Investmentbranche hat Nachholbedarf in Sachen Compliance

Das ist, wenn man der Untersuchung von PriceWaterhouseCoopers und dem Magazin "Banken und Partner" glauben darf, in dem Ausmaß für mich eine kleine Überraschung - hier geht es um die Standards MaRisk, DerivateV und BVI-WVR, und - natürlich - um MiFID und um die Auswirkungen von Basel II auf das Fondsreporting.

Interessant der aktuelle Stand von MiFID: laut Studie sind 53 Prozent der deutschen KAGen immer noch in Planungsphase. Wie lange ist es noch bis zum 1. November ???

Sleeping on the MIFID watch

This is another alarming report, predominantly from the french point of view, here focussing on custodians: "There’s been some talking but I’m not really sure they’re doing anything about it". The word is spread on the situation everywhere, but why isn't (almost) anything happening ?

Bank Lounge: MiFID Online-Studie

Die Bank Lounge weisst auf eine interessante Untersuchung hin: Berater e.V. (die studentische Unternehmensberatung an der Universität Mainz) untersucht hier den aktuellen Stand der MiFID-Umsetzung in Deutschland. Die Ergebnisse können dann im Juni auf der Seite www.mifid-studie.de bestellt werden.

Andere Länder sind hier schon längst in der Umsetzung, wir analysieren noch...

MiFID White Paper

Given away by GoldenGate Software, Inc.

Banks get miffed at new regulation

MiFID Cheat Sheet: a very brief introduction into the topic

MiFID - Consequences for Data Management

Very interesting article on MiFID and what consequences it will have on Data Management. This is a must for every application vendor and IT manager in the banking industry, especially for investment companies and custodians.

CESR publishes first Guidelines re. MiFID

CESR (The Committee of European Securities Regulators) publishes its first set of CESR Level 3 Guidelines and Recommendations on the smooth application of MiFID.

Dexia Securities France and Atos Euronext Market Solutions announce their partnership approach to offer brokers a MiFID solution

Find the Article here

SunGard Consulting Services Launches New Offering to Address MiFID Compliance

Seems that Sungard has understood the importance of the issues.

Two in three European banks set to miss MiFID deadline - survey

This is a very alarming report, showing that Europe is everything but prepared for MiFID.