London: guinea pig

Author: | Published: 1 Sep 2007

Nicholas Pettifer
Staff writer

There has been lengthy and frequently heated debate around the terminology of the Markets in Financial Instruments Directive, in the UK at least. In-house and private practice lawyers started the discussions that have led to trade association lobbying and subsequent FSA comment. And in the meantime, Cesr has been asking questions of the European Commission.

But with the November 1 implementation deadline fast approaching, and compliance budgets rocketing, it seems financial institutions still do not have clarity on a number of issues. They will have to implement the biggest regulatory shake-up in the sector with only nominal assistance, at least for the first few months. Since the UK is the largest financial centre on course to comply with the deadline after full and frank discussions with industry, the inevitable teething problems will take place in London. Though Mifid is an attempt to harmonize the rulebook for financial...