This paper summarises the findings of a recent survey sponsored by Standard & Poor's, Oracle and BT Radianz and carried out by Riversix on behalf of the industry-led MiFID Joint Working Group.
The survey measured the state of readiness of London investment firms to meet the demands of the forthcoming Markets in Financial Instruments Directive. In particular it examines how ready investment firms are to overcome the technology hurdles imposed by MiFID.
Overall, the survey revealed that firms, while not ready for MiFID, are allocating full-time resources to understand the problem now:
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- 80% of respondents said that their organisation either doesn't have a MiFID compliance framework in place or if it did, they didn't know about it;
- 44% of respondents are budgeting for MiFID technology projects in 2006;
- 60% of firms state that they have assigned full-time staff to work on developing a MiFID compliance framework;
- More than 60% of the respondents did not know how they were going to tackle the pre- and post-trade data publishing obligations under MiFID Articles 27 and 28.