The interest in this outside the EU is phenomenal,” says James Roberts, director of European public policy at ISDA, the derivatives trade association. “Some people are just waking up to it.

Mr Roberts is referring to the biggest regulatory shake-up of European financial markets in a decade. A recent industry call ISDA organised on the subject in Asia attracted hundreds of people, underlining the global trepidation ahead of the introduction of MiFID II.

The anxiety about complying with the legislation, which is supposed to give customers more protection and force greater transparency across everything from fixed income to swaps, is amplified because it is only now that companies and investors are beginning to realise the myriad ways in which MiFID II will affect them.

What is clearer is that after a year’s delay, European regulators are in no mood to grant any more leeway. “One delay has been enough for all concerned,” was the message last month from Steven Maijoor, head of ESMA

So who’s spending what on MiFID II ?

The banks are by far spending more as the directive and regulation impacts their wider services, however across both the buy and sell side, the second tier firms appear to be spending more. Through design or through less previous investment is unclearer, however what is clear is there is still plenty to get done and the clock is ticking

Tier 1 Banks                       €31m

Tier 2 & 3 Banks                €52m

Tier 1 Asset Managers      €6m

Tier 2 Asset Manager        €8m

Exchanges & MTFs            €3m


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