Gary Wright, Managing Director, CityCompass Research said âMiFID affects all types of financial services firm in the securities industry and cost estimates of over $1 billion to achieve compliance is a very large business burden. However, within MiFID there is plenty of scope for securities firms on both the buy and sell side to gain significant business benefits.â
The second half 2005 saw the Financial Services market begin to review MiFID in more detail. Messages concentrated mostly on the fear and cost of implementation, deflecting attention away from how businesses can plan their MiFID compliance projects to reap potential rewards. This event, scheduled for 29th March in Edinburgh, focuses on the benefits of MiFID and for the first time, brings together leading MiFID experts from a range of different European markets; representing both wholesale and retail, forming the most powerful assembly to debate MiFID.
Paul Hope, European Head of Marketing for PATNI, said âBusinesses across all industries face challenges on a regular basis, whether driven by regulation or competitive pressures. Understanding the threats and opportunities of industry drivers such as MiFID, is critical to embracing them quickly and cost effectively, reducing the levels of distraction that such events can cause. Our decision to sponsor this event is in line with our focus to extend industry experts to the market, further educating businesses and increasing market confidence.â