“Will [market participants] be ready for absolutely every part of MiFID II? I suspect, unfortunately, they just won’t be because of the sheer volume of regulations that have to be implemented.” – Jones
January 3, the implementation day for MiFID II, is 204 days away. Clouding the already messy process of preparing for such a gargantuan set of regulations is Brexit. Tossing more uncertainty on top of that: the surprising results of last week’s U.K. election which eroded Prime Minister Theresa May’s power base.
For market participants, this means an unknown future for London’s euro clearing business, though more information is expected today from the European Commission. In this video filmed at FIA’s IDX conference in London, Simon Puleston Jones, head of FIA Europe, talks about the possibilities for euro clearing, indirect clearing, direct electronic access and how MiFID II will impact U.S. firms.