European Commission to review MiFID

09/21/2009 | Reuters

Stock exchanges have raised concerns about the Markets in Financial Instruments Directive, which caused share-trading volumes to migrate from bourses to unregulated platforms. "We are due to commence a review of the operation of this directive at the end of this year," said EU Internal Market Commissioner Charlie McCreevy. "There is no doubt that it has stimulated greater competition in some areas, but there appears to have been a significant migration of share-trading transactions from the more regulated MiFID venues to the unregulated over-the-counter broker-dealer venues where substantial unregulated dark pools of liquidity have built up."

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