Markets Brace for Mifid II’s Start

Fraught times at the Christmas table as tech specialists rush to implement last-minute changes.

Bracing for impact

While many firms implemented the annual “code freeze” that usually takes place at year-end in banks and trading firms—a period during which alterations to core systems cannot be made—special dispensation was given to a number of teams working on those systems that would be affected by the implementation of the revised Markets in Financial Instruments Directive (Mifid II).

“We’re working up to the last minute,” says one source in a technology team at a major US bank. “I know there have been a

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