Europe's Financial Services Industry on Track with MiFID but Divided over Whether It Will Be ``Good for Europe'', SunGard-TradeTech Survey Reveals; Results of the First of Four MiFID Surveys Announced at SunGard's FINANZ-TAG Event in Frankfurt.FRANKFURT, Germany -- SunGard (http://www.sungard.com), a leading global provider of software and processing solutions for financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , and TradeTech (http://www.tradetechonline.com), a leading global conferences and research firm, announced today at SunGard's inaugural FINANZ-TAG event in Frankfurt, the results of the first SunGard-TradeTech MiFID survey. The survey of 230 people from twelve European countries confirmed the commonly held belief that MiFID is the biggest change in the European financial services industry for over a decade. But the industry is deeply divided as to whether MiFID will be good for Europe's economy in the next 5-10 years, with 24% viewing MiFID as bad for the economy, 38% viewing it as good and 38% sitting on the fence. 84% of respondents said their firm was on track with its MiFID preparation, with only 12% reporting that their firm had not understood the Directive or was actively opposing it. However, the survey showed a widespread belief that MiFID will be bad news for exchanges over a ten year time horizon, with nationally focused banks and asset managers also expected to suffer. National regulators scored badly in the survey, with over half of the respondents ranking the help they were receiving from their local regulator as "bad" or "very bad". Of the respondents in this first of four online MiFID surveys, 46% described themselves as coming from banks and broker-dealers, 20% from asset managers and the remainder coming from exchanges or consultancies. UK-based professionals were most represented, contributing 40% of the results, followed by France with 13%, Germany and Austria with 10% and Switzerland, Nordics and Benelux each contributing 6-7% of the results. Amaury de Ternay, head of global trading, BNP Paribas BNP Paribas (Euronext: BNP, TYO: 8665 ) is one of the main banks in Europe and France. It was created on 23 May 2000 through the merger of Banque Nationale de Paris (BNP) and Paribas. Asset Management, who took part in the survey, stated, "With MiFID we are observing an evolution that is quite rare: total coherence coherence, constant phase difference in two or more Waves over time. Two waves are said to be in phase if their crests and troughs meet at the same place at the same time, and the waves are out of phase if the crests of one meet the troughs of another. between the technological evolution of the market and the regulatory evolution. Markets will evolve toward a multi-asset class, order-driven model, making it much cheaper to trade and allowing for less friction costs Friction costs Costs, both implied and direct, associated with a transaction. Such costs include time, effort, money, and associated tax effects of gathering information and making a transaction. during the execution of trading decisions. Access to the market for investors will be more direct: we are entering a very dis-intermediated phase." Commenting on the results, Richard Thornton, partner, SunGard Consulting Services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" , said, "SunGard is actively engaging with the industry around MiFID and the results of this survey confirm that the next nine months will be a critical time for getting processes in place. As part of our ongoing efforts in this area, we have launched a series of Europe-wide workshops centered around MiFID, where SunGard customers will have the chance to work together with our experts to help define technology requirements for MiFID." The survey results will be presented during a panel discussion at SunGard's FINANZ-TAG in Frankfurt's Villa Kennedy, by Richard Thornton, partner, SunGard Consulting Services. The panel will be moderated by Handelsblatt's editor Hermann Kutzer and will include Radostina Ivanova, MiFID expert at the European Commission European Commission, branch of the governing body of the European Union (EU) invested with executive and some legislative powers. Located in Brussels, Belgium, it was founded in 1967 when the three treaty organizations comprising what was then the European Community ; Dr. Lutz Raettig, chairman of the Supervisory Board Supervisory board The board of directors that represents stakeholders in the governance of the corporation. , Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. Bank AG; Volker Thier, partner, KPMG KPMG Klynveld Peat Marwick Goerdeler (accounting firm)KPMG Kaiser Permanente Medical Group KPMG Keiner Prüft Mehr Genau (German) KPMG Kommen Prüfen Meckern Gehen Deutsche Treuhand; Felix Capraz, partner, Financial Services, Oracle and Peter Neuhaus, SunGard's MiFID specialist in Germany. The SunGard-TradeTech survey also addressed specific topics relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc MiFID, such as Systematic Internalisation Noun 1. internalisation - learning (of values or attitudes etc.) that is incorporated within yourself internalization, incorporation learning, acquisition - the cognitive process of acquiring skill or knowledge; "the child's acquisition of language" , Best Execution, Data Management and Client Classification. Details of the first survey will be made available at http://www.sungard.com/mifid. The second SunGard-TradeTech MiFID survey will be available in late November. About TradeTech TradeTech is part of Worldwide Business Research (WBR WBR West Baton Rouge WBR With Best Regards WBR Warner Brothers Records (record label) WBR Whole Brain Radiation WBR Big Rapids, Michigan (Airport Code) WBR Wide Band Radio WBR Widening But Replicating ), which is dedicated to meeting and exceeding the needs of its customers around the globe. Working in partnership with key industry leaders, WBR organizes highly focused conferences and provides other services that deliver timely, objective, accurate information and business solutions to its clients. WBR is committed to ensuring that its events and services facilitate information gathering and network creation. Visit TradeTech at www.TradeTechOnline.com About SunGard With annual revenues of $4 billion, SunGard is a global leader in software and processing solutions for financial services, higher education higher education Study beyond the level of secondary education. Institutions of higher education include not only colleges and universities but also professional schools in such fields as law, theology, medicine, business, music, and art. and the public sector. SunGard also helps information-dependent enterprises of all types to ensure the continuity of their business. SunGard serves more than 25,000 customers in more than 50 countries, including the world's 50 largest financial services companies. Visit SunGard at www.sungard.com. Trademark Information: SunGard and the SunGard logo are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders. |
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