The figure was revealed during a conference session led by Oliver Laurent, senior product manager of regulatory change at HSBC, who discussed the implementation of the directive, which is set to take effect 3 January next year.
In total, 75 percent of those who attended Laurent’s presentation said they would be affected by the implementation of MiFID II, however significantly fewer were confident they would be compliant by the deadline.
Over the past year, firms have been preparing for the implementation of the initiative, but many industry participants raised concerns about the scope of the changes and the uncertainty surrounding the directive, with some suggesting it has been the biggest challenge of the year.
He suggested that it has been “very difficult” to comply with all components of MiFID II ahead of the deadline, and that market participants will likely take a ‘day-one’ and ‘day-two’ approach on the implementation date.
According to Laurent, market participants will not report on things like corporate actions on day one, but will be ready to report on other components, such as legal agreements.
Part of EU legislation, MiFID II regulates firms that provide any services to clients linked to financial instruments and venues where these instruments are traded.
Laurent suggested that there has also been interest in the directive from other countries outside of Europe.
He said: “In the coming years we could see similar initiatives in emerging markets such as Asia and the Pacific.”
“It is good to see interest from other countries who want to take up the benefits of the MiFID II.”