There’s no hiding from Mifid

Mifid promises to shake up EU financial markets in a way that will make Big Bang look like a gentle nudge. To have any hope of meeting the implementation deadline of April 2007 investment banks might need to set aside as much as $12 million each in their 2006 budgets. Peter Koh examines the fallout

MOST OF THOSE who have heard of Mifid, the EU’s Markets in Financial Instruments Directive, fall into one of three groups, two of which harbour conspiracy theorists. The latter camps are located on either side of the English Channel. The group on the French shore believes Mifid is a British conspiracy to destroy Europe. The other, massed behind the white cliffs of Dover, fears it is a continental European conspiracy to destroy the City of London.

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