The MiFID Threat

With just more than a year left until MiFID becomes law, many of the European Union’s small, independent exchanges are preparing to face fresh competition from their customers. November 1, 2007 is circled in red ink in diaries across Europe. Barring an unlikely last-minute consensus for postponement by the 25 member states of the European Union, the Markets in Financial Instruments Directive (MiFID) will fall into place, and the face of European finance will be altered yet again. Among th