Lack of regulatory clarity on key issues hampers preparation

Despite booming business, technology vendors find clients struggle to say what they need to comply with coming rules

In the dark: "Nobody really knows what some obligations are and a lot are open-ended," says David Upton

Despite the proliferation of technology solutions aimed at solving the challenges of regulation, neither banks nor vendors are clear on what they should be doing to prepare for new rules such as the Markets in Financial Instruments Directive (Mifid) II.

Best execution, time-stamping and the level of transparency required around trades are just some of the areas where regulators have yet to provide specific details of what they expect market participants to do and how, which poses a huge challeng