Mifid is the markets in financial instruments directive, the cornerstone of a project to create a single European Union securities market where rules areharmonised, investors are protected and financial services glide seamlessly across borders.
It is expected to generatea short-term employment bonanza as investment banks, stock brokers, fund managers and exchanges recruit thousands of people to revamp their systems and revise the way they deal with customers and regulators.
"There is going to be a huge impact on staffing in the City of London," says Mr Walker, a director at Project Partners, based in Europe's biggest financial centre. "This is the single biggest change in the markets since the Big Bang deregulation of the 1980s."
Mifid must be implemented by November next year and the rules that flesh out the directive are close to being finalised.
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