21 October 2017

McCreevy urges firms to prepare for MiFID

27 June 2006  |  7138 views  |  0 Charlie McCreevey - EU commissioner

EU internal market commissioner Charlie McCreevy has called for financial services firms to step up preparations for the implementation of the Markets in Financial Instruments Directive (MiFID) after the European Securities Committee approved the legislation.

The rules are being introduced to create a common regulatory framework for Europe's securities markets. The directive will enable banks to trade shares in-house, off an exchange, across all 25 EU member states, but firms will be required to publish the prices of intended trades to the rest of the market beforehand.

Following clearance of the proposals by the European Securities Committee, McCreevy says all firms in the business should now prepare for MiFID to ensure effective implementation by November 2007.

He says the new legislation will transform the landscape for the trading of securities and "introduce much needed competition and efficiency".

"It should drive down the cost of capital, generate growth and boost our competitiveness," adds McCreevy.

The proposed 'Level 2' implementing measures have already been approved by the European Parliament. The commission is expected to give final approval of the rules in September this year.

Member States will subsequently have until 31 January 2007 to implement the legislation, with firms being required to comply with the entire package of measures on 1 November 2007.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Financial firms unprepared for MiFID - study

Financial firms unprepared for MiFID - study

10 April 2006  |  7632 views  |  0 comments
MiFID tech group spins off

MiFID tech group spins off

06 April 2006  |  10454 views  |  0 comments
MiFID swallowing IT budgets

MiFID swallowing IT budgets

07 March 2006  |  12069 views  |  0 comments
MiFID price tag estimated at £1 billion for UK firms

MiFID price tag estimated at £1 billion for UK firms

07 February 2006  |  10151 views  |  0 comments
Swift to establish MiFID working group

Swift to establish MiFID working group

15 December 2005  |  9284 views  |  0 comments
FSA warns firms to step up MiFID preparations

FSA warns firms to step up MiFID preparations

21 November 2005  |  8965 views  |  0 comments
Buy-side unimpressed by MiFID

Buy-side unimpressed by MiFID

14 November 2005  |  10695 views  |  0 comments
City investment firms not ready for MiFID

City investment firms not ready for MiFID

31 October 2005  |  9585 views  |  0 comments
MiFID compliance bill could reach $1 billion - TowerGroup

MiFID compliance bill could reach $1 billion - TowerGroup

04 October 2005  |  10225 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.atos.netvisit www.niceactimize.com

Top topics

Most viewed Most shared
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
8674 views comments | 21 tweets | 26 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8600 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7694 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
7156 views comments | 10 tweets | 22 linkedin
Eight banks form joint venture to launch blockchain trade platformEight banks form joint venture to launch b...
6764 views comments | 14 tweets | 23 linkedin

Featured job

Competitive base + commission + benefits
Denmark, Finland, Iceland, Norway or Sweden

Find your next job