As the derivatives industry geared itself for the launch of
Mifid on 1 November, the concessions made by the Committee of
European Securities Regulators (CESR) on commodities were
welcomed by the industry.
Speaking to FO Week, Anthony Belchambers, chairman Mifid
Connect and director of Futures and Options Association,
stressed his belief that the industry as a whole is ready for
the implementation of Mifid but stressed that lessons need to
be learned from the process of introducing such a radical
change to the derivatives industry.
I think that in general terms the trading firms are ready
for Mifid, and by that I mean the changes that it introduces
into the UK market are probably more empathetic with the
existing structure than it is with other markets in the EU but
there are a number of new requirements which are comparatively
new, said Belchambers. However, the bigger question
is one of compliance, and I think it is fair to say that a
significant number of firms will struggle. As foreshadowed by
the industry 18 months ago not enough time has been given to
industry to come into compliance.
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