The European Commission plans to review next year the Markets in Financial Instruments Directive and its effect on markets. "MiFID has been very successful as an instrument to promote competition, but the question is whether it's successful in providing a level playing field," said Emil Paulis, a senior official at the commission. Meanwhile, the Committee of European Securities Regulators is looking into dark pools, which exchanges said can avoid some of MiFID's more onerous requirements.

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