Mifid 2 Puts IT Groups on Notice
FRONT PAGE: NEWS ANALYSIS
LONDON—The European Commission released the Level 2 draft of its Market in Financial Instruments Directive (Mifid) last week, sending a strong message to investment bank IT departments to prepare for the new requirements slated to go into effect November 2007.
The new requirements will come with a high price tag. The cost of implementing the Mifid regulations for investment banks could mount up to £5 billion ($8.74 billion) in IT expenditures, says Chris Pickles, manager of industry relations at
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