MiFID

MiFID represents a strong element of discontinuity in the discipline governing the financial market system. In fact, the Directive involves both the economic system of exchange of financial instruments in Europe and the ways in which financial institutions will have to behave in order to comply with the new obligations; its scope therefore expresses the magnitude of both structural (market) and procedural (organizations) changes that will be witnessed in the coming years.Structural changes result from the abolition of the concentration rule, which in the medium term could change the competitive arrangements of the financial market sector by introducing new players and different competitive scenarios. Organizational repercussions for intermediaries will be driven by new regulatory constraints that require automated systems to select the appropriate trading venue to ensure best execution. The effectiveness and speed of execution policy operations is also determined by appropriate customer profiling according to an integrated and centralized master data. The role of technology infrastructure is therefore crucial both for reasons of compliance with the Directive and from a competitive perspective. The main evidences that emerged from Workshop summarize the fallout of MiFID on the market and organization of intermediaries:- reorganization of the market structure of financial instruments;- fallout on information systems and IT;- involvement of the compliance function;- importance of customer profiling and impact on the sales network;- project management activities.