Now that MiFID II is in force and the industry has had time to digest the Global Code of Conduct, platform providers will face less distractions in 2019, says Galen Stops.In the second half of 2017 it seemed as though many FX market participants, on both the buy and sell sides, were forced to shelve any business plans that they might have as resources were diverted to help ensure compliance with MiFID II ahead of the deadline on January 3, 2018. Preparations for MiFID II cost an estimated $2.1bn in 2017 alone, according to a report by Expand, a Boston Consulting Group company, and IHS Markit, and this does not account for the amount of manpower and time that was also devoted to ensuring that everything was ready within these firms ahead of the deadline.
Has FX Turned a Corner?
