MiFID: your move - playing to win
We learn to play chess by first understanding the valid moves of each piece - but soon realise that it is our ability to strategically out-think our opponent that makes the difference between winning and losing. The Markets in Financial Instruments Directive presents a similar challenge: organisations that look beyond the face value of individual directive requirements, and apply a strategic approach which plays to their strengths, will avoid the pitfalls and ultimately reap competitive benefits in the future.
The scope of MiFID is wide-ranging, but the four most challenging areas in which the directive impacts financial institutions are pre-trade and post-trade transparency, best execution, internalisation, and the potential complexity of changes required to systems.
Banks, brokers and exchanges taking a proactive approach to regulatory change stand to gain early mover advantage
Most organisations are already engaged in MiFID at the regulatory and compliance level, but there are five key activities that should be under way to ensure a successful business response:
- review the business and technical change programmes planned for 2006/7
- review MiFID requirements and assess potential impacts on each service and system
- engage both existing and potential new suppliers and the internal IT department to develop a common understanding of both MiFID and the wider programme of change
- perform a technical and business risk analysis and identify mitigating actions
- plan MiFID implementation.
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PA’s broad range of services are aligned to help meet your MiFID challenge - no matter how large or small |
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Every firm impacted by MiFID must task a team to proactively manage MiFID to drive delivery of business benefits alongside regulatory compliance.
Industry conference
PA's MiFID experts led the following half-day workshop at IBC's Euroforum Conference on MiFID, November 2006, in Copenhagen.
Preparing for MiFID
There has been much discussion and debate about the legislative detail of MiFID. With the clock ticking, organisations are now turning to the practical aspects of implementation. During this interactive workshop we explored the potential impact MiFID will have on the different facets of business. We provided an environment to share ideas on approaches to successfully managing this complex change programme, covering:
- Doing the homework - Approaches for clarifying the key impact areas of MiFID
- Setting the strategy - Managing risk while maximising competitive benefits
- Beating the odds - Structuring successful, broad and complex change programmes.
The conference Web site (in Danish) is at www.ibceuroforum.dk/mifid
Contact us
For further information about PA's MiFID expertise and services please e-mail mifid@paconsulting.com
