Fog in channel between FSA and Brussels - papers 22 July

The Markets in Financial Instruments Directive (MiFID) has not undergone a sufficient cost-benefit analysis, McCarthy says, which means it is not possible to tell whether anyone will benefit from its introduction. The Times quotes an implementation cost of up to £1bn in the UK alone, as, for example, City firms are forced to invest in additional IT infrastructure to meet the rules. The Scotsman calls McCarthy’s comments “a broadside” against Brussels, which is not at all in the common diplomatic style of regulatory discussions. However, it also says the comments are “noteworthy”. Th...