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BrackenFebruary 26 2018

No room for complacency over MiFID II

After years of preparation, the rollout of MiFID II in January provided relatively little drama. But, says PwC’s Luke Nelson, it is early days and Brexit could still complicate matters, so firms should stay on their toes. 
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After years of hard work across the industry, the Markets in Financial Instruments Directive II (MiFID II) finally landed on January 3, 2018. With so much time and money invested in achieving compliance with the new regime, there was understandably apprehension about the go-live process. The sheer number of concurrent systems changes sparked fears of a Y2K 'millennium bug' scenario, which would see computers and programs failing, unable to cope with these new demands.

But much like Y2K, fears of the world coming to an end – or at least liquidity disappearing from markets – were unfounded. Beyond some widely anticipated challenges around data and vendor solutions, MiFID II got off to a relatively pain-free beginning.

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