Bloomberg: Asian firms totally unprepared for MiFID II

Asian institutions have been overwhelmed by the breadth and scope of sweeping changes to Europe’s financial rules due in January, according to an industry group.

The law, known as MiFID II, threatens to upend everything from trading to research distribution, jolting firms in the region that are already burdened by a recent focus on other cross-border rules, said Keith Noyes, Asia Pacific director at the International Swaps and Derivatives Association.

Their reaction? “Wow,” said Noyes, who said some of the Asian members among the ISDA’s 850 firms from 69 countries only recently learned details about the rules for the first time. “They had no idea there was something this complicated coming down the pipe imminently,” he said.

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