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Ten years after EULEX Key principles for future EU flagship initiatives on the rule of law
Policy Contribution

The MiFID Revolution

by Karel Lannoo / Jean-Pierre Casey
25 September 2009

The MiFID Revolution

Karel Lannoo / Jean-Pierre Casey

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The 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.

The text serves as an invaluable handbook for practitioners, regulators and students who wish to gain an in-depth understanding of this new EU Directive. It is the first book to analyse the long-term strategic implications associated with MiFID.

The book was published in October 2009.

Price: £ 75

To order a copy of this book, please follow the link. (http://www.cambridge.org/uk/catalogue/catalogue.asp?isbn=9780521518635
 

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The present Policy Brief paints a portrait of the likely EU securities market landscape post-MiFiD. Much of the available analysis on MiFID has focused on short-term adjustment and compliance costs, especially regarding IT investments. Yet MiFID represents a revolution in European securities markets that is likely to lead to deep and long-lasting structural changes. The analysis in this Policy Brief concentrates on ten predictions that the authors make about the likely impact of MiFID on market structures, and the likely strategic responses of financial services firms.


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The MiFID Revolution
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7168 Downloads