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The Markets in Financial Instruments Directive: Banking on Market and Supervisory Efficiency

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  • François Haas

Abstract

The Markets in Financial Instruments Directive (MiFID) which comes to life on November 1, 2007, represents a major step toward the creation of a single, more competitive, cross-border securities market in Europe. Together with other components of the European Commission's Financial Services Action Plan, MiFID has the potential to significantly transform the provision of financial services and the functioning of capital markets in Europe. This paper assesses the directive and the dynamics it creates from a broad perspective, focusing on those aspects that carry relatively higher transformation potential, and on the appropriate supervisory arrangements for European securities markets once MiFID is operational.

Suggested Citation

  • François Haas, 2007. "The Markets in Financial Instruments Directive: Banking on Market and Supervisory Efficiency," IMF Working Papers 2007/250, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2007/250
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    References listed on IDEAS

    as
    1. Peter G. Dunne, 2007. "Transparency proposals for European sovereign bond markets," Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, vol. 15(2), pages 186-198, May.
    2. Casey, Jean Pierre, 2006. "Bond market transparency: To regulate or not to regulate," ECMI Papers 1254, Centre for European Policy Studies.
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    Cited by:

    1. Loredana cultrera & Laetitia Pozniak & Guillaume Vermeylen, 2017. "MiFID Directive: Which Implementation within Belgian Financial Institutions," International Business Research, Canadian Center of Science and Education, vol. 10(8), pages 106-113, August.
    2. Lahet, Delphine & Vaubourg, Anne-Gaël, 2017. "Bank ownership of multilateral trading facilities and implications for historical exchanges: An industrial economics approach," Economic Modelling, Elsevier, vol. 65(C), pages 9-17.

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