Manfred Wiebogen CEE Treasury at VOLKSBANK AG – Vienna. President ACI The Financial Markets Association
Manfred Wiebogen CEE Treasury at VOLKSBANK AG – Vienna. President ACI The Financial Markets Association

Foreword : Regulatory challenges to the Financial Markets - MiFID and consequences of Foreign Exchange

Manfred Wiebogen discusses the likely impact of the MiFID directive which come into operation in November 2007.

First Published: e-Forex Magazine 29 / Foreword / October, 2007

Over the last decade the financial markets industry has experienced tremendous changes and requirements by regulators, authorities and politicians.  MiFID (Markets in Financial Instruments Directives) is currently one of the latest approaches by the European Commission to create a single capital market for the European Financial Markets and will go live November 2007. On my flight back from Amman to Europe (attending the ICA congress) I summarized to myself a few thoughts on MiFID which still remains a “mystery”  to some in the FX markets. MiFID will replace the 1992 Investment Services Directive and the one-off costs for the implementation range between € 4 Mio to € 20 million per bank. As is well known the core elements of MiFID are best execution of trades, transparency of trades, client classification amongst others. So what  impact will it have on the Foreign Exchange Markets? Although MiFID is supposed to be focused mainly on retail, the reality is that best...continued

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