MOST OF THOSE who have heard of Mifid, the EU’s Markets in Financial Instruments Directive, fall into one of three groups, two of which harbour conspiracy theorists. The latter camps are located on either side of the English Channel. The group on the French shore believes Mifid is a British conspiracy to destroy Europe. The other, massed behind the white cliffs of Dover, fears it is a continental European conspiracy to destroy the City of London.
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