Welcome to the MiFIDzone.com

The Markets in Financial Instruments Directive (MiFID) – forms part of the vision of the EU to create an integrated Financial Services market across Europe, and create transparency and a level playing field in the financial instruments marketplace from an investor’s point of view.
MiFID extends the coverage of the current Directives and introduces new and more extensive requirements that firms will have to adapt to, in particular for their conduct of business, retention of trading data and internal organisation.

Financial Institutions will need to make significant operational and systems changes to meet the requirements of MiFID. The longer firms delay addressing the implications of MiFID, the greater the costs will be, as IT solution vendors resource becomes stretched.

When does MiFID come into effect?

The deadline for MiFID compliance is 1st November 2007.

Who will it affect?

According to the FSA website, in general MiFID will cover most, if not all, firms currently subject to the ISD, plus some that currently are not. This will include:

• Investment Banks
• Portfolio Manager
• Stockbrokers and Broker Dealers
• Corporate Finance firms
• Futures and Options firms
• Commodities firms
• Retail Banks & Building Societies dealing in investments.

Where can I source more information?

• MiFID Connect - www.mifidconnect.com
• MiFID Joint Working Group - www.mifid.com
• MiFID - www.hiteclabs.com
• MiFID - www.jwg-it.eu
• FSA - www.fsa.gov.uk