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Crossing the Border

The push for MiFID may drive cross-border consolidation in Europe.

Albert Einstein once said: "Technological change is like an axe in the hands of a pathological criminal." Were the physicist alive today, he might apply that analogy to the Markets in Financial Instruments Directive (MiFID), which promises significant regulator-mandated technological changes to the European capital markets industry.

The question is whether or not the efforts and considerable

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