Firms Expect e50 million in MiFID Fines Next Year
LONDON-Ninety-five percent of firms say they expect to pay up for non-compliance with Europe's Markets in Financial Instruments Directive (MiFID) next year, with the 73 survey respondents estimating to be fined E50 million in total in 2008, according to a study by JWG-IT, a think-thank for EU-driven IT change in financial services.
PJ Di Giammarino, chief executive of JWG-IT, says this is more than a money issue, arguing that fines will damage firms' reputations. "There are big customer
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