Over a quarter of businesses unsure if they’ll be ready for MiFID II
TeleWare has revealed the extent of industry readiness as the implementation of MiFID II draws closer.
With the countdown to 3 January 2018 well and truly on, and only 120 days away, many businesses are still struggling in preparation. A survey of 100 senior decision makers in financial services, undertaken by Censuswide, has revealed that 28% of firms are unsure if they’ll be ready on time.
Bigger businesses appear to be struggling the most, with over a third (38%) of firms with more than 500 employees facing this predicament. Their smaller counterparts – firms with 1-9 employees – on the other hand are fully confident that they have everything in place ready for the directive.
MiFID II has faced many delays in its implementation. The European Commission gave the market an additional year to prepare, following concerns with regards to the time needed to build the necessary IT infrastructure systems. This is why 71% of firms questioned have been investing in their IT infrastructure ahead of January 2018.
“MiFID II is a complex directive affecting a range of functions within a firm. Firms need to look outside of their immediate business to find the compliance answer,” commented Steve Haworth, CEO of TeleWare.
“MiFID II is placing a strong emphasis on accountability. Firms need to be able to clearly and accurately reconstruct communication trails leading up to trade deals. This includes all forms of communication, from a text message to a Skype call to a face-to-face meeting. With technology underpinning operations, it’s highly encouraging that firms are investing in this area ahead of January 2018.”