Gary Wright the Managing Director of CityCompass Research said "The MiFID introductory film "MiFID Revealed" is presented in easy to understand operational language, rather than the confusing regulatory Euro speak, that the MiFID articles are written in. The films audience are the operational people in the European securities market who have the difficult task of ensuring their firms meet the 1st May 2007 deadline. So far the securities industry has not engaged with MiFID to the degree they need to! This is primarily because MiFID is still within the confines of the compliance department and details have not been released into mainstream operations. Without budgets and resources being set in 2005, along with an impact analysis itâs highly likely that firms who delay will be unable to meet the 1st May 2007 implementation date, without incurring severe costs and possible sanctions from regulators. CityCompass Research hopes that this informative film will help securities firms in the European market to mobilise their internal people and departments to start their MiFID project. The film is available on CD and can be purchased from 1st September, but advance orders are currently being accepted. CityCompass Research is very grateful for the assistance of Patni in producing this film. Patni will be at SIBOS and will be assisting in the promotion of the film and available for questions on their stand"
Stephen Kell, Principal Consultant Patni, said "MiFID is a far reaching directive which will become law on 1 May 2007. There are both threats and opportunities contained within the articles of the directive. Securities firms and investment banks need to analyse the impacts on their business now in order to be ready in time and more importantly, to minimise the risk of revenue loss and take advantage of the opportunities. Patni is delighted to be part of the education programme which City Compass Research is running to alert the industry to the issues surrounding the introduction of MiFID."