Banks Are Worried Tech Systems Could Crash After Introduction of New EU Rules
- Banks are said to be worried that tech systems will crash
- Asset owners who faced being unable to trade get grace period
How MiFID II Is Going to Change Banking
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Computers crashing, investors frozen out of markets and a heightened risk of fat finger mistakes. That’s the worst-case scenario when the biggest change to European rules for the investment industry in a decade finally come into effect next month.
Banks and asset managers have spent years preparing for the revised Markets in Financial Instruments Directive as regulators try to prevent another financial crisis by boosting transparency. Some still aren’t ready and, with less than two weeks to go, technology and compliance staff at financial companies face working over the Christmas holiday as they race to meet the deadline.