The market will require sufficient time to prepare for the rule changes that arise from the introduction of MiFID. The current timetable, which incorporates two formal consultations, is set out below:

Q1 2007 – Rules Consultation 1 (Outline Rules) - Complete (Notice N08/07)
Q2 2007 – Rules Confirmation 1 (Outline Rules) - Complete
August 2007 - Rules Consultation 2 (Detailed Rules)
September 2007 - Rules Confirmation 2 (Detailed Rules)
22 October 2007 - Rules effective (with the exception of the existing on-Exchange rules which will remain in place until the close of business on 31 October 2007