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Financial services
Markets in Financial Instruments Directive (MiFID)
The Markets in Financial Instruments Directive (MiFID) originally came into force in November 2007 and is a major piece of legislation relating to the governance of wholesale markets. A fundamental review of the Directive is currently underway, to assess the level of integration and efficiency it has brought to the capital markets and protection for investors.
The adoption of MiFID has had a significant impact on the way in which secondary markets operate, enabling new alternatives to traditional stock exchanges to emerge. The introduction of MiFID has increased transparency through new pre-trade and post-trade rules, and through requirements to show “best execution” in placing client orders.
This helps drive greater transparency in the pricing of securities.
The review of MiFID is examining issues such as:
- The ramifications of increased competition between trading venues.
- Market data quality and fragmentation.
- The use of transparency waivers.
- Options to address recent technological advances in securities markets.
- Investor protection.
- Trading of OTC derivatives.
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