The impending implementation of the Markets in Financial Instruments Directive (MiFID), a directive that governs the provision of investment services in financial instruments by banks and investment firms and the operation of traditional stock exchanges and alternative trading venues, will not escape the attention of many in the financial services industry. Under MiFID, the monopoly of the regulated market will be broken through.

In this issue of The Bulletin, we offer our interpretation of MiFID and broach the most important changes impacting the investment entrepreneur, as a result of MiFID.