In less than 10 months’ time, one of the most significant changes to the regulatory environment affecting financial services in the EU will come into effect. It promises huge economic gains from a more integrated EU capital market. It will allow investment firms to offer their services across borders, and stock exchanges will face direct competition from banks in trading both equities and bonds.
The Markets in Financial Instruments Directive (MiFID) is the second step in the harmonisation of the European capital markets industry and is set to drive some of the most far-reaching changes to the financial markets seen in the past 10 years.
