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MiFID report: could do better
26 October 2009
This month two years ago saw the launch of an ambitious regulatory framework that marked a turning point in the European financial services sector. But have MiFID’s means matched its ambition?
Launched two years ago this month, the European Union’s Markets in Financial Instruments Directive (MiFID) was an ambitious project, which aimed to transform the way securities are traded in Europe. However, its launch was soon overshadowed by the sub-prime crisis, which triggered an unprecedented upheaval in the global financial markets, so creating the need for further reform.
The achievements of the MiFID project are clear. Jérome de Lavenère Lussan, founder and chief executive of Laven Partners, a consultancy that advises firms on the implementation of MiFID, says: “It has certainly changed the way people trade in equities, and it has introduced cost efficiencies. It has provided incentives for better pricing and increased the number of trading platforms. These were all part of the aim of MiFID.”
A new breed of trading platforms, the multi-lateral trading facilities (MTF), is the most obvious result of this new regulatory environment, though some...
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