Gissing Survey Reveals Budgets Not Yet Set For MIFID Implementation
Three quarters of financial institutions questioned about the European Union’s Markets in Financial Instruments Directive (MiFID) have not allocated any budget for its implementation, according to research carried out by Gissing Software, a supplier of software and services for real-time trading. MiFID – due to become law in 2007 – will be applicable to all businesses involved with trading in financial instruments, as well as businesses that deal in advisory services. The directive will enable banks to offer financial products across all 25 EU member states as well as Iceland, Norway and Liechtenstein. The survey – which canvassed opinion from global financial institutions including investment banks, market data vendors and investment houses – showed that while 71 per cent of respondents believe that MiFID will affect them, and more than half have appointed someone to manage the MiFID implementation, only 21 per cent have definitely allocated budget for the implementation.