European rules to cost London £1bn
EU's Markets in Financial Instruments Directive bad news for City
The new rules are designed to create a single market in financial services.
But the FSA said that while Mifid could generate £200m a year in ongoing
benefits, the rules were likely to land companies with substantial one-off
It may these predictions as part of a formal assessment published over the
The report, said the industry would be stung with a one-off implementation
costs of between £870m and £1bn, with ongoing costs of an extra £100m a year.