By Lawrence White
Europe’s smaller exchanges and investment funds are breathing a sigh of relief at the latest draft of the European Commission’s Market in Financial Instruments Directive (Mifid). Some of the more challenging compliance requirements in the level-two implementation measures released this February have been mandated as EU directives, permitting member states a greater degree of interpretive leeway than if they had been in the form of regulations, as many feared.
Governments might now be able to soften the transition process by interpreting the new directives as they see fit, but slow-movers and blinkered brokers could still suffer in the new pan-European trading landscape.
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