Pricing regulation in EU

Having regulated everything from the design of toilets to the curvature of bananas, the European Union has turned its attention to securities trading. An EU directive that takes effect in less than two years gives detailed instructions on trade pricing, data storage and just about anything else related to securities transactions.
The Markets in Financial Instruments Directive aims to standardize member states' trading rules to improve transparency and protect investors. Starting in May 2007, MiFID will apply to stocks, equity derivatives and money market instruments; other assets are to follow. Financial institutions have little time to fall in step with MiFID, which the EU formally unveiled in 2004. Only recently did EU officials brief member-country regulators on how to apply the directive.
The directive homes in on best execution: Brokers will have to prove not only that they obtained the best price for a client but also that they picked the best market and bought or sold under the optimal conditions prevailing at the time.
Having regulated everything from the design of toilets to the curvature of bananas, the European Union has turned its attention to securities trading. An EU directive that takes effect in less than two years gives detailed instructions on trade pricing, data storage and just about anything else related to securities transactions.
The Markets in Financial Instruments Directive aims to standardize member states' trading rules to improve transparency and protect investors. Starting in May 2007, MiFID will apply to stocks, equity derivatives and money market instruments; other assets are to follow.
"We are looking at fairly substantial changes across multiple systems in the front office," says Robert Fuller, information technology director at Dresdner Kleinwort Wasserstein in London. He estimates that his firm will need to spend as much as E 30 million ($37 million) to comply with MiFID.
Financial institutions have little...

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