Investment Banking and Asset Management firms agreed at a recent meeting of the Financial Services Discussion Club that poor communications between firms had hindered the progress of MiFID projects.
[UKPRwire, Fri Dec 28 2007] Investment Banking and Asset Management firms agreed at a recent meeting of the Financial Services Discussion Club that poor communications between firms had hindered the progress of MiFID projects.
Firms revealed that agreeing terms had been a key point of contention right up to the deadline. Some firms had even threatened to stop trading in order to get terms finalised in time.
Members noted that these difficulties pre-dated MiFID, but the directive had served as a driver for firms to resolve existing problems in this area. Members believed that in the past, the FSA had overlooked problems with firms' broker agreements, but would not continue to do so in the future.
These comments came from a joint session of the FSDC Investment Banking and Asset Management MiFID special interest groups.
The groups, which are open to senior managers, meet monthly in London giving members the chance to benchmark against other firms and exchange ideas. FSDC meetings are run under the Chatham House rule to encourage open debate.
Speaking on behalf of the FSDC, Naomi King said,
"MiFID has highlighted the need for industry cooperation. The opportunity for firms to get together and discuss these issues can be invaluable."
NOTES FOR EDITORS
• The Financial Services Discussion Club is administered by Clearconcepts. It provides a forum for the discussion of topical issues and exchange of ideas.
• Clearconcepts is an independent communications house focused on the financial services sector. It specialises in market research, events planning and public relations.
• For more information on the Financial Services Discussion Club, contact Rachel Webber - rachel.webber@clearconcepts.co.uk 020 7405 0065.
• Special interest groups run by the FSDC include:
o Asset Management - MiFID
o Asset Management - Retail
o Complaints Handling
o Financial Promotions
o Investment Banking - MiFID
o Operational Risk
o Retail - North
o Retail - Scotland
o Retail - South
• For more information on the Financial Services Discussion Club, contact Rachel Webber - rachel.webber@clearconcepts.co.uk 020 7405 0065.
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