ITAS: Transfer agents in a MiFID twist 25 February 2016Luxembourg Reporter: Stephanie Palmer
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Approaches to Markets in Financial Instruments Directive (MiFID) II compliance vary significantly between financial services professionals, a survey at ITAS Luxembourg has found.
When transfer agency delegates were asked about the size of their team working on MiFID II compliance solutions, 47 percent said ‘fewer than five’, while 33 percent said ‘more than 20’.
The remaining 20 percent all answered ‘10 to 20’, while the ‘five to 10’ option received no votes.
Delegates were then asked for estimates of how much their compliance budgets would be apportioned to MiFID II over the next three years
Again, results were varied, with 37 percent believing MiFID II would take up 10 to 20 percent of their budgets, and 37 percent choosing the up to 10 percent option. While 20 percent believed the cost would represent 20 percent of their budgets, 6 percent of respondents it would be ‘too much to contemplate’.
In a live poll, the results of the survey fluctuated dramatically before settling on these figures, which one panellist suggested was reflective of the industry’s position on the directive, saying: “The figure is moving because we are not sure.”
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