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As it says above, for various reasons I could do with knowing a little about MiFID II. Can anyone in the investments sphere shed any light to a true layman?
It's difficult to know a little bit about MiFID II, cos it's massive.
What do you need to know and in what context (i.e. why do you need to know), and I can maybe help.
What do you need to know and in what context (i.e. why do you need to know), and I can maybe help
Fair comment. Simplistically, I work for a supplier into the industry (recruitment, shoot me...) and want to understand the impact it will have on me. So I guess I need to know how it will affect the amount of money people have to spend, what skillset/jobs will be hired/fired and generally an overview so I can ask some educated questions to customers.
The challenge I'm having, as you've mentioned, is that it's such a big subject I'm struggling to know where to start on it.
Ah, okay.
I'm a contract BA at a wealth management firm, and others here are working on MiFID. My impression is that there's a short/medium term need for (probably) contract staff, probably BA types, to work out what each institution needs to do and how they do it and put any process/reporting changes in place. I can just see the job specs now [i]"must have experience of regulatory projects, ideally MiFID"[/i]. They'll need to be paid for, so other project work may go on hold.
After that, it'll just become BAU, I don't see it will change long term hiring/firing/money spend much.
If it's anything FCA/EBA related then as an employee of any financial institution I wouldn't worry about it - see Solvency 2,COREP and CRD3/4 as examples.
As a recruiter prepare for crazy day rates on 12 month contracts for people who don't do a great deal.
I say this as an ex-contractor to both the FCA and EBA and now as someone dealing with Solvency 2 on a daily basis...
As a recruiter prepare for crazy day rates
Not such I don't reckon, it's just A.N.Other financial services regulatory project, doesn't need massively specialist knowledge.
OP so its MiFID 2 an update to 1 put in years ago. It needs to be operational by Jan 2018
Very basically its Middle Office reporting stuff, front office is traders and back office is operations / settlements. There are elements of client classification and then publishing details of trades (inc prices) to increase market transparency.
The official documens are online but rather dry. I oversaw a big MiFID 1 project as part of my job as head of a specialist Investment Business
As IHN states, I'm recruiting for it and only paying market Tier1 rates. Don't like that, go somewhere else. Rates are lower at the mo because there are a lot of candidates out of work since the Brexit vote, lots of Retail Tier1's have cancelled Transformation Change programmmes and only now concentrating on Absolute Regulatory Requirements, MIFID ll being one (not many more in the FCA pipeline either)
If you've exposure to the original MIFID phase this phase ll brings the segments missed out due to Instututial reticence of more regulation.
Plenty to read, get it all from the FCA rather than someone else's interpretation..
[url= https://www.fca.org.uk/markets/mifid-ii ]FCA MIFID 2[/url]
Ha, well they have to do something to justify that flash new building they've 'bought' in Stratford!
I'm sure you'll still get the PM's with CRD4 on their CV charging a billion pounds an hour for basically getting stroppy with the offshore guys then clearing off at 4:30 every day.
I remember sitting in a meeting with some big wigs in Canary wharf (no idea why I was there) and one of the said big wigs was complaining about how big a project a new piece of legislation was. New boy PM points out the window at the Crossrail construction stuff and says 'no, that's a big project - this is just moving numbers about'...needless to say he wasn't there long. He had a point though </tru story bro>
a lot of candidates out of work since the [s]Brexit vote[/s] financial crises and the subsequent regulatory responce lead to a huge downsizing of all types of financial institutions
I'd wager City headcount is higher today than it was in 2016, hiring has grown significantly in the last 6 months in particular. Personally I don't know a single person who has lost their job as a result of Brexit related issues, Deutsche has been downsizing agressively under Cryan due to US regulatory fines causing them to have to have a serious re-think about their business. That and diminished profit opportunities, lots of busines just isn't worth it any more.
I'm wondering if I know Flange......
For the sell-side and asset mgt,the biggest change since big bang in '86. Neither side is adequately prepared. Apart from that.....
Very basically its Middle Office reporting stuff, front office is traders and back office is operations / settlements. There are elements of client classification and then publishing details of trades (inc prices) to increase market transparency.
MiFIR - the reporting and regulation side. In short - means the buyside have to do more stuff than they used to. And the regulators want to know more about more things. More instruments and asset classes fall under its auspices. And there's a focus on providing more timely, more accurate and more detail on what's being done with these assets.
MiFID II is fundamentally about trying to impose transparency IMO. Whether that's fees and rates to the investor, liquidity, costs etc. Going to change the way both the buy and sell-side operates in a fair few areas.
@bikebouy you are really going to have to stop trying to get Brexit into any thread you can. We have one large thread for that which I see you don't seem to frequent any longer.
I am not aware of a single person who has lost their job through Brexit. Not one. With 35 years in financial services (a mix of sell side (Goldman and Deutsche) and buy side asset management (various credit and hedge funds) I have a pretty decent network of contacts too. Not one. The worst I have heard is large organisations have put a hold on large scale projects, friends working on Brexit contingency are mistoy focused on relocating some functions into alreay existing EU offices and in some cases do not expect to gire any additional staff or indeed fire anyone. I know a very large number of people who have been laid off as a result on industry downsizing in the past 10 years. Co-incidentky this week just prior to the 2007 Fastnet (the windy one, dismasted) was when real disruption started sppeading in the funding markets. A month or so later (French J105 nationals funnily enough) people where queing outside of Northern Rock to get their money out.
OP if you want to contact me directly we can have a call, Wednesday is best this week.