Friday, March 02, 2007

MiFID - Hit the ground running

Not a week goes by where there is not some news on MiFID. Today appears to be no exception. With eight months to go until the official launch date for MiFID, suddenly all the experts are crawling out of the woodwork..

One such expert is Marcus Hooper who has penned a white paper sponsored by Equiduct on firms' best execution requirements under MiFID. Apparently Hooper has trawled through reams of MiFID Level 1 and 2 documentation to try and make sense of 'best execution' requirements, one of the most controversial least understood aspects of the legislation. The white paper includes example scenarios to explain how best execution is expected to work in real-life trading situations.

"The reality of today's situation is that many firms are still confused about the most fundamental aspects of best execution, despite the fact that they will all have to implement systems, design business processes and comply with the new rules from November," says Hooper.

The white paper is one of six Equiduct is sponsoring in the run-up to MiFID. According to Bob Fuller, CEO, Equiduct, it is time for firms to hit the ground running. "If organisations are to make a success of MiFID they have got to move beyond opinion and actually determine what to do now to make sure their businesses are ready when the new rules become law on November 1st 2007."

The white paper on best execution will be available free for download from Equiduct's web site from Monday, 5 March.

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