The MiFID RevolutionThe Market in Financial Instruments Directive (MiFID) is nothing short of a revolution. Introduced on 1 November 2007, it will have a profound, long-term impact on Europe's securities markets. It will see banks operating as exchanges for certain activities, offering alternative execution services that more closely resemble the structure of over-the-counter markets, and will lead to the decentralisation of order execution in an array of venues previously governed by concentration rules. Crucially, MiFID will also have a profound impact on the organisation and business strategies of investment firms, exchanges, asset managers and other financial markets intermediaries. Until now, analysis has focused on the directive's short term implementation issues. This book focuses on the long term strategic implications associated with MiFID, and will be essential reading for anybody who recognises that their firm will need to make constant dynamic readjustments in order to remain competitive in this challenging new environment. |
Contents
| 1 | |
IV | 6 |
V | 7 |
VI | 10 |
VII | 11 |
VIII | 13 |
IX | 14 |
X | 16 |
LXVI | 121 |
LXVII | 124 |
LXVIII | 125 |
LXIX | 127 |
LXX | 128 |
LXXI | 131 |
LXXII | 134 |
LXXIII | 136 |
XI | 21 |
XII | 23 |
XIII | 24 |
XIV | 26 |
XV | 29 |
XVI | 33 |
XVII | 35 |
XVIII | 36 |
XIX | 38 |
XX | 41 |
XXII | 42 |
XXIII | 43 |
XXIV | 44 |
XXVI | 45 |
XXVII | 46 |
XXVIII | 48 |
XXX | 49 |
XXXI | 53 |
XXXII | 57 |
XXXIV | 58 |
XXXV | 59 |
XXXVI | 60 |
XXXVII | 62 |
XXXVIII | 64 |
XXXIX | 65 |
XL | 70 |
XLI | 73 |
XLII | 75 |
XLIII | 78 |
XLV | 79 |
XLVI | 81 |
XLVII | 85 |
XLVIII | 88 |
XLIX | 89 |
L | 90 |
LI | 91 |
LII | 93 |
LIII | 98 |
LIV | 99 |
LV | 100 |
LIX | 101 |
LX | 108 |
LXI | 110 |
LXII | 112 |
LXIII | 114 |
LXIV | 116 |
LXV | 117 |
LXXV | 137 |
LXXVI | 139 |
LXXVII | 140 |
LXXVIII | 144 |
LXXX | 145 |
LXXXII | 146 |
LXXXIII | 147 |
LXXXIV | 149 |
LXXXV | 151 |
LXXXVI | 156 |
LXXXVII | 158 |
LXXXIX | 159 |
XC | 161 |
XCII | 162 |
XCIV | 163 |
XCVI | 164 |
XCVII | 165 |
XCIX | 166 |
C | 167 |
CII | 168 |
CIII | 169 |
CV | 174 |
CVI | 175 |
CVII | 178 |
CVIII | 179 |
CIX | 180 |
CX | 183 |
CXII | 184 |
CXIII | 187 |
CXIV | 190 |
CXV | 192 |
CXVII | 194 |
CXVIII | 196 |
CXIX | 197 |
CXX | 199 |
CXXI | 200 |
CXXII | 201 |
CXXIII | 202 |
CXXIV | 207 |
CXXV | 209 |
CXXVI | 212 |
CXXVII | 213 |
CXXVIII | 215 |
CXXIX | 219 |
CXXX | 221 |
| 223 | |
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Common terms and phrases
activities apply assess authorities banks best execution best interests bond market broker business rules capital markets cent CESR CESR's competition compliance conduct of business conduct-of-business rules conflicts of interest cross-border data consolidation dealers disclose disclosure distribution distributors eligible counterparties enforcement ensure equity markets Euronext European Commission European Securities execution venues financial instruments financial market financial services framework fund management harmonization host impact of MiFID Implementing Directive implementing measures inducements industry investment advice investment firms Investment Services Directive investor protection legislation liquidity market data market liquidity market participants market transparency ment MiFID art MiFID Implementing MTFs obligations portfolio management post-MiFID post-trade transparency pre-trade price transparency product providers Reg NMS regime regulated markets regulatory retail clients retail investors revenues risk securities markets structured products suitability and appropriateness systematic internalizers Tafara tiered commission tion trading venues trail commission transaction costs