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Mid-Tier Firms Say Best Execution Still Biggest Issue for MiFID - Best execution requirements remain the
Mid-Tier Firms Say Best Execution Still Biggest Issue for MiFID

 

PRZOOM - /newswire/ - London, Greater London, United Kingdom, 2007/06/13 - Best execution requirements remain the "biggest piece of work" in firms' MiFID projects according to the MiFID mid-tier special interest group of the Financial Services Discussion Club.

   
 
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The range of conditions that the new European directive stipulates under best execution was seen as the main challenge for firms, as members detailed the issues in putting appropriate policies together.

Members were particularly concerned about synchronising best execution policies between buy-side and sell-side firms. Many buy-side firms were waiting on information from sell-side counterparts in order to put best execution policies together and were concerned at the diminishing time-frame available to them to complete this part of the project.

Representatives of mid-tier financial services firms in the UK attended the club, which was chaired by Rob Nieves, Director at KPMG. The group, which meets monthly to discuss MiFID related issues, also highlighted traders’ increased responsibility to document that best execution policies have been followed. Most buy-side firms were working with traders in this area to ensure best execution compliance under MiFID.

Rob Nieves said, "Best execution has been the most discussed area of MiFID since the directive was first proposed. Liaising between the buy-side and the sell-side and documenting policy adherence will require significant process changes and re-training across departments if this element of MiFID is to be successful."

Naomi King from Clearconcepts, which administrates the club, commented, "Best execution has been the most topical area of MiFID discussion this year. The work put in already by firms has been considerable, but it is clear there is still much more to be done before the November deadline."

Notes to Editors:
• The forum was held at The City Club in London on 4th June 2007
• The Financial Services Discussion Club is administered by Clearconcepts. It aims to provide a forum for the discussion of topical issues and exchange of ideas
• The next meeting for MiFID mid-tier firms will be held in London on 3rd July
• Clearconcepts (clearconcepts.co.uk) is an independent communications house focused on the financial services sector. It specialises in market research, events planning and public relations.

 
 
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Mid-Tier Firms Say Best Execution Still Biggest Issue for MiFID

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Contact: Laura Wilkinson - Clearconcepts.co.uk 
+44(0)20 7405 0065 laura.wilkinson[.]clearconcepts.co.uk
 
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