Too many financial firms are dragging their heels in dealing with MiFID, write Andrew Dillow, Steve Leggett, David Smith and Tony Sodhi of Atos Consulting.
Atos Consulting sees a focus on ‘bare minimum’ spend – MiFID
budgets are just large enough to achieve minimal compliance,
reflecting a ‘waitand- see’ attitude among financial organisations.
For example, based on analysis of spending patterns at 15
investment banks and comparing them with the cost model that
Atos Consulting first published in June 2005 and then updated
in February 2006, firms have spent 20-25% less than expected.
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