MiFID Brings New Trading, Data Management Opportunities
Judith Hardt, secretary general of the Federation of European Stock Exchanges, says that the jockeying for position among European exchanges and their increasingly feisty member firms is "like playing chess with all the pieces moving at the same time."
The game is being redefined by the Markets in Financial Instruments Directive (MiFID), which requires that firms offer their clients best execution-a concept that incorporates not only price, but also speed, certainty and costs of clearing and settlement. The directive eliminates the concentration rule that forces trades in a number of European countries to be conducted on national exchanges and gives rise to a new category of players called systematic internalizers, which can match trades on their own books.
|
||||||||||||||||||
