WHEN THE MARKET began worrying about the EU’s Markets in Financial Instruments Directive a couple of years ago, many feared that when they woke up on the morning of November 1 2007 the sky would be a different colour. As the deadline approached, however, the ambitious legislation, which has been billed as the most significant change in the structure of a financial system, began to look a lot less scary. The predictions of nightmare IT bills now look a bit silly and no one now expected a meltdown of any kind on day one.
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