MiFIDII Implementation Day Quotes
AlphaWeek will be updating this page throughout the day with quotes from industry insiders regarding the implementation day for ESMA's MiFIDII legislation.
Peter Rippon, CEO of OpenGamma, a technology provider:
“There has been a big focus on the cost of MiFID II compliance, but the post-January 3rd trading landscape also creates new opportunities.
“One of the requirements, Costs & Charges Disclosures, is forcing buyside firms to disclose their trading costs to their investors. To achieve this, these firms have had to invest to improve the way that they track and breakdown the fees that paid to their bank counterparts. This has given new data that enables them to reassess their bank relationships, highlighting opportunities to drive down their trading costs.”
Jon Wilson, Project Director, Compliance, Cordium
“Deadline day for MiFID II implementation is here. But make no mistake – this package of EU directive and regulation will continue to have a significant impact throughout 2018. Technically hitting the 3 January deadline is a great achievement but there will be lots of bedding down to do. This will include fixing things that do not quite work, and picking up on important disclosure and other new requirements that were left by the side of the road in the dash for compliance.”