As the number of laws and regulations increase, the cost and complexity for compliance has grown and will carry on growing for the foreseeable future. Consequently, banks across the globe are increasing their search for the holy grail, namely enterprise risk management initiatives and solutions, to transform these regulatory burdens into competitive advantages. In line with this search, in 2005, compliance IT spend on the Markets in Financial Instruments Directive (MiFID) reached $125 million, while spend on the Regulation National Market System (Reg NMS) stood at $79 million.
Source: Datamonitor, "MiFID versus Reg NMS Compliance IT spend (Databook)" (DMTC1992)
