Ernst & Young, a financial solutions provider, and JWG-IT Group, an independent think-tank, have announced a new collaborative agreement, which enables both organizations to work with their clients to embed the European Union’s Markets in Financial Instruments Directive.
JWG-IT’s recent market intelligence report found a wide variance on the state of the industry’s readiness to adapt to Markets in Financial Instruments Directive (MiFID). Firms are expecting fines for non-compliance from the first quarter of 2008. More concerning is that 68% of firms expect the first client to challenge their ‘best execution’ in the same period and over 80% forecast a challenge before autumn.
Dr Stephen Christie of Ernst & Young said: The introduction of MiFID will continue to impact the markets for some time to come. Our collaborative agreement with JWG-IT allows both organizations to bring a combination of deep expertise of the operational requirements with a pan-European delivery capability expected by our most demanding clients. Our combined efforts will focus on helping wholesale firms to build the most competitive business models underpinned by the latest technology, while meeting the prevailing regulatory requirements.