As the derivatives industry geared itself for the launch of Mifid on 1 November, the concessions made by the Committee of European Securities Regulators (CESR) on commodities were welcomed by the industry.
Speaking to FO Week, Anthony Belchambers, chairman Mifid Connect and director of Futures and Options Association, stressed his belief that the industry as a whole is ready for the implementation of Mifid but stressed that lessons need to be learned from the process of introducing such a radical change to the derivatives industry.
“I think that in general terms the trading firms are ready for Mifid, and by that I mean the changes that it introduces into the UK market are probably more empathetic with the existing structure than it is with other markets in the EU but there are a number of new requirements which are comparatively new,”...