Work detail

MiFID: Markets in Financial Instruments Directive,Implementation in the Czech Republic

Author: Bc. Jakub Gleta
Year: 2008 - summer
Leaders: doc. PhDr. Adam Geršl Ph.D.
Consultants:
Work type: Bachelors
Language: English
Pages: 68
Awards and prizes: B.A. with distinction from the Dean of the Faculty of Social Sciences for an extraordinarily good bachelors diploma thesis.
Link:
Abstract: Markets in Financial Instruments Directive is at the very heart of EU’s Financial Services Action Plan to integrate markets for financial services in the EU. We begin by investigating MiFID from a broader context of the FSAP and in comparison with its predecessor as a starting point for the changes MiFID introduces. Then the most important and revolutionary provisions of MiFID are described. We then analyze MiFID from the cost-benefit side by listing and discussing the reults of the Cost Survey undertaken by the UK’s Financial Services Authority. To gather some empirical data, a survey among Czech investment firms investigating expected qualitative impacts of MiFID has been organized. Institutional side of MiFID’s impacts is being discussed. Based on the FSA’s Cost Survey, we try to estimate upper bounds for compliance costs for the Czech investment industry. The conclusion is that some of MiFID’s provisions are controversial and will be difficult to implement and enforce. It will also likely have significant impact on market infrastructure and distribution of profits.
Downloadable: Bachelor Thesis of Jakuba Glety
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