Are you taking control of the MiFID II agenda?

MiFID II is much more stringent than MiFID I and it is expected to be implemented around 2014/2015. The implications of the regulation for firms are complex and far-reaching.

Based on our experience in the industry and on specific data from our European-wide survey, we think that:

  • You need to be assessing MiFID II’s strategic implications on your business
  • Ignoring the inter-connectivity of regulations is costly
  • Engaging the business early in MiFID II is essential
  • Lobbying may still be beneficial
  • Firm’s preparations are limited at this point
  • It’s too early to accurately assess total spend

We outline the strategic and commercial impacts for asset managers, retail banks and broker dealers in our latest point of view, as well as the operational and technological impacts.

We also break down the impacts by industry sector, based on our European-wide survey, so you can see how you measure up to your peers.


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Are you taking control of the MiFID II agenda

Read our latest MiFID II point of view to get insights on how your industry sector is preparing to face the challenges posed by MiFID II. This point of view is informed by our conversations with members of the industry and our European-wide survey.

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Key findings

MiFID II will affect the profitability, strategy and operations of firms.

You need to understand the commercial implications

According to our recent European-wide survey, most firms will start strategic planning before the end of 2012. Some of our current conversations with clients are focused on the following critical questions:

  • How will MiFID II affect the pricing of products?
  • Could increased costs be passed on to clients?
  • What are the key market opportunities arising from MiFID II?
  • Which products or services may become unprofitable in future?
  • What are the commercial implications of increased pre and post trade transparency?

MiFID II is one element of the regulatory jigsaw.

Understanding the interdependencies is imperative

Somewhat worryingly, only 56% of respondents in our survey said they were considering the draft legislation for MiFID II within the context of the wider landscape of regulatory change. By considering MiFID II in this way those firms will:

  • Understand how the broader market and competitive landscape will change, which will help with their strategic decision making.
  • Significantly reduce their spend on regulatory change.
  • Enable more effective coordination and organisation of their regulatory change programmes.

Without business unit engagement, MiFID II implementation will be a
compliance exercise, which will ignore the strategic implications

Our survey, conducted in early 2012, found that companies where business lines were closely engaged in preparing for MiFID II reflected that they were more advanced in their activities. Early involvement and ongoing input from business lines, helps firms to understand more effectively the implications on business strategy and operating models. The expected implementation date for MiFID II recently moved from 2012/2013 to 2014/2015. Leading firms are using the change in expected deadlines for compliance as an opportunity to get to grips with the strategic and commercial implications presented.