The event was particularly well-timed given that the Level 2 text for the Markets in Financial Instruments Directive (MiFID) was published three days earlier, on Monday 6th February.
Following a short introduction to the facts about MiFID by Bob Fuller (IT Director, Strategy for Dresdner Kleinwort Wasserstein and Co-Chair of the MiFID JWG-IT), the seminar continued with an interactive discussion between the audience, ranging from heads of trading to heads of administration, and a panel, which was made up of renowned industry experts:
â¢ Tom Phelps, Managing Director Consulting, Cutter Associates Europe Ltd
â¢ Simon Leighton-Porter, Director of VSA Financial Limited and Co-Chair of the Standard Protocols Subject Group within the MiFID Joint Working Group (JWG)
â¢ Andrew Allwright, Regulatory Commercial Strategy at Reuters
â¢ Bob Fuller
Chairman of the seminar, Tom Phelps commented, âI was particularly happy with the level of interaction between the panellists and the audience. With less than 21 months before the changes are brought in, it was very rewarding to see from the questions the shift to a better understanding of the impact of MiFID. Linedata should be applauded for providing their customers with this kind of forum.â
The panel highlighted and discussed key issues such as best execution, reporting and cross-border operations, all within the context of the Level 2 text. It was also agreed that there is still significant work to be done across the industry and across Europe to be ready for MiFID.
To conclude, the panel members urged the audience to consider MiFID as an issue facing the whole of their business, not just as an issue for IT or Compliance, with communication being the key to success. It was agreed by all attendees that MiFID is not a red herring!