Best What?

COMPLIANCE

The European Union's Markets in Financial Instruments Directive (MiFID) mandates that firms take "all reasonable steps" to provide best execution for their clients, but it doesn't spell out what those steps are or in what order to take them. The UK's Financial Services Authority (FSA) has offered some further guidance, but the financial services industry is still pondering the meaning of best execution. To get an idea of how thoughts on the issue are evolving, we asked some MiFID experts

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A rough race begins: Industry faces uphill transition to T+1 settlement

With T+1 compliance set to begin next May, firms will likely be burdened by reduced IT budgets, existing legacy systems and manual processes over the next 15 months. So, while faster settlement will help innovate the middle and back office, some argue industry needs a longer timeline.

Build versus buy: How to evaluate your software

For as long as the investment management industry has used software, there has been a debate about whether asset managers should build or buy their tools. Jonas Svallin, global head of quantitative research and product development at FactSet, argues that…

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