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Mifid arrival is a damp squib as the Continent misses deadline

Damp Squib ???? Expecting a revolution on 1 November (a date that is a holiday in several EU countries) is a bit naive, actually it is more than naive it is being a... damp squib. Some of the main pillars of MiFID cannot happen overnight: multiplicity of trading venue, cross border activities without a physical presence (passport for services), changes brought about in any financial market by the arrival of competitors from other jurisdiction in the EU, the separation between listing and trading (whch will conceivably lead to a concentration of 'listing venues' and a multiplication of 'trading venue), etc. do not just happen on 2 November. They need time. So, it does not really matter how many countries have completely transposed (by now slightly more than a handful), 1 November is the beginning of an evolutionary process that will last one to two years.

6-Nov-2007

4:46 pm