MiFID – the Markets in Financial Instruments Directive – came into effect on 1 November 2007, when it replaced the Investment Services Directive (ISD). MiFID introduces new and more extensive requirements that firms have to adapt to, in particular for their conduct of business and internal organisation.
MiFID affects all market participants, from buy and sell side firms to vendors and exchanges.
The London Stock Exchange formally consulted and worked in partnership with the market since 2005 to support our MiFID product solutions.
Our focus remains on developing and delivering competitive services which reduce the overall cost of trading, as this is core to growing liquidity, a need which unites the whole market. Our existing initiatives are already delivering on this commitment and MiFID provides further impetus to realise greater market efficiency.
Please visit the FCA's website to find out more about MiFID legislation and implementation.
Trading Places article, November 2007 - Positioning the Exchange for MiFID (file pdf - 29 KB)
MiFID service and technical description (file pdf - 1 MB)
Understanding MiFID (file pdf - 1 MB)
MiFID in a pan-European market (file pdf - 393 KB)
Pre-trade and execution services under MiFID (file pdf - 1 MB)
Post-trade services under MiFID (file pdf - 630 KB)
London Stock Exchange Execution Quality (file pdf - 155 KB)
The following links and downloads are useful for reference purposes.
(CESR) The Committee of European Securities Regulators
CESR publishes Transparency Calculations for MiFID
The EU Single Market
EU Financial Services
Consultation and legislation
The Financial Services Authority
MiFID consultation document
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