Surviving or Thriving After MiFID
The Markets in Financial Instruments Directive (MiFID) sets the stage to make Europe a more attractive market for investors. Even though half of Europe is late in amending national laws to incorporate MiFID, change is already underway. New trading venues, such as Chi-X, are emerging to create more competition. Trade volumes are increasing while the trade size is decreasing. This is illustrated in reports from the European stock exchanges that show a 50-120% increase in 2007 trading volumes over 2006 levels with an average 20% smaller trade size.
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