BRAXXON News - Banks appear unprepared for MiFID
A new series of BRAXXON Briefing Lunches was launched in September. This inaugural event at the Howard Hotel in London covered the challenges being placed on financial institutions by the Basel II Accord, the Sarbanes Oxley Act 2002 and the Markets in Financial Instruments Directive (MiFID).
Rob Millington, Executive Director and Head of the Operational Risk and Efficiency Practice, gave the invited audience of 27 senior bankers a comprehensive overview of these directives together with their impact on financial institutions and the timetables being set for implementation. He went on to recommend ways by which full integration of these requirements into day -to-day operations can be achieved.
A wide diversity of audience perceptions became apparent during the discussions most particularly in relation to MiFID where, in many cases, the market is only now beginning to realise that MiFID is just around the corner.