Three quarters of financial institutions questioned about the European Union’s Markets in Financial Instruments Directive (MiFID) have not allocated any budget for its implementation, according to research carried out by Gissing Software, a supplier of software and services for real-time trading. MiFID – due to become law in 2007 – will be applicable to all businesses involved with trading in financial instruments, as well as businesses that deal in advisory services. The directive will enable banks to offer financial products across all 25 EU member states as well as Iceland, Norway and Liechtenstein. The survey – which canvassed opinion from global financial institutions including investment banks, market data vendors and investment houses – showed that while 71 per cent of respondents believe that MiFID will affect them, and more than half have appointed someone to manage the MiFID implementation, only 21 per cent have definitely allocated budget for the implementation.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.