Discord is brewing in the European Union (EU) over the perceived value of the forthcoming Markets in Financial Instruments Directive (MiFID). A new survey of 230 financial institutions across 12 EU nations released by vendors SunGard and TradeTech reveals disagreement as to whether MiFID will help or hurt the European economy.
In considering the next five to 10 years, 24 percent of survey participants believe that MiFID will have a negative economic impact, while 38 percent believe it will be beneficial. Thirty-eight percent of respondents remain uncertain.
Most industry participants, however, do seem to agree on MiFID's winners and losers. Among the surveyed firms, most believe that consultancies, software vendors and global banks stand to gain significantly from the directive. The exchanges and nationally focused banks will be hit the hardest by MiFID's changes, according to those surveyed.