Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-10-26-Speech-5-252-000"
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"en.20121026.23.5-252-000"2
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The Markets in Financial Instruments Directive (MiFID), in force since November 2007, is one of the EU’s cornerstones of the integration of financial markets in the EU. The main objective is to deepen the integration, competitiveness and effectiveness of the EU’s financial markets. The ability of Member States to require all trading in financial instruments to take place in traditional stock exchanges has gone and it is now possible to have Europe-wide commercial competition between these stock exchanges and alternative trading venues. Banks and investment companies would be more ‘entitled’ to provide investment services within the EU if they adhere to the organisational and reporting requirements and the comprehensive rules intended to protect investors.
However, it is also true that the more competitive scenario has resulted in new challenges. The advantages of greater commercial competition have not benefited all market participants equally and have not always been passed on to the end retail or non-retail investors. In the final analysis, although the comprehensive MiFID rules largely acquitted themselves well during the financial crisis, there is a need for specific, but ambitious improvement. I believe that the amendment of the MiFID represents an integral part of the reforms intended to create a safer, more reliable, transparent and responsible financial system, which, in a period marked by the consequences of the financial crisis, will operate to the benefit of the economy and society as a whole."@en1
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