The mood of MiFID conversations has shifted and now the political centers and some large players mean business. Seven member states, representing approximately 60% of the market, have so far been officially recognized as ready for 1 November, with some of the ‘unready’ cancelling holidays to get the job done.

PJ Di Giammarino CEO JWG-IT Group Ltd

CESR’s July liquid list is 77% longer than anyone anticipated. Our 2006 analysis showed that, to compete in the systematic internalization space, infrastructures would require the capacity to process between 2 and 3 million transactions per second in peak periods. Great news for Chi-x, which can uniquely declare itself ready for the multilateral trading facility (MTF) game.

JWG-IT’s survey shows that 20% of firms are investing to gain competitive advantage from their MIFID programmes, aiming for a better position to capture order flow. Perhaps regulatory chore has switched to business opportunity. 68% expect a best execution challenge from customers in Q1, 2008 and a huge 95% predict regulatory fines for non-compliance next year. Not surprisingly, the CTO/CSO community has put security and data management concerns – especially record keeping – first on the list for 2008.

JWG-IT continues to define the impact on the infrastructure that 1,000 MiFID requirements will bring. Our MiFID healthcheck, impact calculator and reference RFIs are all proving valuable tools for our members and subscribers. Visit www.jwg-it.eu to sign up and keep abreast of the latest developments

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Filed under: Issue 3 - Fall 07