Leader: Don't leave it too late with MiFID

It might not be straight bananas or some other idea that will drive the tabloids into a frenzy but Europe's latest stab at regulating the securities industry is still creating a kerfuffle.

It's all very well for the FSA and others to complain about MiFID being more trouble than it's worth - but it's already unwise to think that it can be blocked forever.

Yet everyone is leaving it to the last minute.

Sure there are other things to get done - tinkering with Sarbanes Oxley or Basel II or even, maybe, trying to make some money as a business. But letting MiFID slide is a really bad idea.

Analysts are pointing to up to a two-year timeframe for getting all the new systems in place. And as the deadline for compliance with the directive is expected to be April 2007 it's already going to be a squeeze.

Even if proposals to move the deadline back to October 2007 are agreed there still isn't much time to get moving.

Forward thinking CIOs like the London Stock Exchange's David Lester are already thinking of MiFID as an opportunity to get a bigger share of European trading.

If you are going to be affected by MiFID you've already got a big job ahead of you - so why not turn it into an opportunity to streamline your systems or bring in new revenues?