More clarity offered on Mifid

Mifid will replace the existing Investment Services Directive, and aims to create a more transparent single market for financial services in Europe and enhance investor protection. The 'Level 2' paper gives further details on best execution obligations, appropriateness and suitability tests, and the publishing of pre- and post-trade data.

In the case of best execution, investment firms have to take account of the characteristics of the client (for example, retail or professional) and decide

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