Will Rhode’s recent post on the TABB Forum is up to his usual high standards. He’s given us not only a great synopsis of the EU’s unveiling of the new MiFID proposal, but also a few predictions regarding the future of the directive.
Beyond the overall “who will regulate the regulators theme”, I think one of the most significant points Will makes is on the cost of compliance:
In addition, new compliance costs are indicated at between €512 and €732 million, with ongoing costs of between €312 and €586 million per year for the European banking sector, supposedly representing a minimal impact of 0.10 percent to 0.15 percent and 0.06 percent to 0.12 percent of total operating spend in the EU banking sector
His post is probably the best overview of derivatives reform I’ve found yet – join the TABB Forum and take a look.
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