MiFID: One Year On

This position paper looks at the changes that have been effected in the European capital markets more than one year after the implementation of MiFID (Markets in Financial Instruments Directive).

Author(s):

Jean-Rene Giraud

Director of Development, EDHEC Risk and Asset Management Research Centre

These changes are hard to quantify, but initial fears of the rise of so-called dark pools of liquidity have proven well founded. In addition, the best execution obligation remains ambiguous. The paper examines other features of the post-MiFID trade execution landscape and recommends that post-trade reporting be standardised, that a single measure of execution quality be adopted, and that the debate on regulating transactions in less liquid asset classes and giant OTC derivatives markets be re-opened.

Type: Position paper
Date: le 23/07/2009
Research Cluster : Finance

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