(1888PressRelease)
October 30, 2007 - New financial regulations set to come into force this week could help the City prise yet more trade away from New York, it has been claimed.
The Markets in Financial Instruments Directives (MiFID) are due to come into force on Thursday, after three years of discussion.
Under the pan-European securities rules, a common European rulebook will be introduced, which, according to a report in City AM, could open up markets across Europe and make it easier to trade shares internationally.
However, while larger firms are deemed to be ready for the impact of the reforms, smaller companies could lose out in the short-term, according to Alan Jenkins, head of MiFID at the consultants BearingPoint.
He said: "Most of the major players have ploughed big investments into this and will be ready. The same cannot be said of lots of small and medium-sized firms who have largely adopted a head-in-the-sand or frankly Luddite approach."
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