MiFID's spectre looms large
Time is running out for European financial institutions to establish a framework for complying with European Union MiFID directives by its implementation date of April 2007. DSTi's Ian Hunt looks at why and what MiFID is, the anticipated impact on market participants, and what areas of the financial services industry will be affected.
What Is MiFID?
MiFID is the European Union Markets in Financial Instruments Directive, set to replace the original Investment Services Directive (ISD), which dates back to 1993. The ISD was the first attempt to harmonise the operations of securities markets and remove barriers to cross-border transactions in the European Community (EC). It started the process of encouraging cross-border market activity and introduced new concepts to support this, key among which was that of a regulatory 'passport
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