MiFID II: Ambitious, But Appropriately Calibrated? (Investment Technology Group)

December 2011

KEYWORDS: Algorithmic Trading, MiFID, MiFR


Juan-Pablo Urruti

  • Investment Technology Group


The much anticipated draft law amending the Markets and Financial Instruments Directive  (MiFID) was recently issued by the European Commission. The Commission has split the  legislative proposals into a new Markets in Financial Instruments Regulation (MiFIR) and a  revised directive (MiFID). This reflects the Commission’s view that there is a need to achieve  a uniform set of rules (covered by the Regulation) in some areas (where countries will not be  authorized to ‘interpret’ the European rules into national legislation), while allowing for differences in national markets, legal structures and investor profiles in other areas (covered by  the Directive).

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