31 October 2005

Readiness survey - UK companies unprepared for MiFID

More than two-thirds of London-based investment firms are not adequately prepared for the Markets in Financial Instruments Directive (MiFID) due to be implemented in November 2007, according to a MiFID Readiness Survey undertaken and compiled by the MiFID Joint Working Group (JWG). Some 80% of respondents said they did not know if they had a technology strategy to deal with the impact of the directive. Over two-thirds of firms said they were unsure how they would handle their obligations to publish trading data. The study measured how prepared these firms were to meet the demands of MiFID, and also assessed how they were looking to address the technology hurdles posed by the directive.

“The findings of our first survey demonstrate that getting ready for MiFID is far from ‘job done’ and the more one looks into the detail the more questions are raised as to what being ready really involves,” said co-chair of the IT subject group of the MiFID JWG Bob Fuller.

This paper summarises the findings of a recent survey sponsored by Standard & Poor's, Oracle and BT Radianz and carried out by Riversix on behalf of the industry-led MiFID Joint Working Group. The working group was formed as a result of collaboration between FIX Protocol Ltd, ISITC Europe, the Reference Data User Group (RDUG) and SIIA/FISD.

Survey

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