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What is MiFID?

MiFID is the Markets in Financial Instruments Directive (Directive 2004/39/EC). It replaces the Investment Services Directive (ISD) which was adopted in 1993 and seeks to remedy shortcomings in the ISD. It was agreed unanimously by the Member States and by a large majority in the European Parliament, and came into force on 1 November 2007. In Germany MiFID and the Implementing Directive 2006/73/EC have been transposed into German Law by the Markets in Financial Instruments Directive Implementation Act dated 16 July 2007, which changed important provisions especially in the German Securities Trading Act (WpHG) and the German Stock Exchange Act (BörsG). Furthermore, Regulation (EC) No. 1287/2006 of the European Commission dated 10 August 2006 for the implementation of Directive 2004/39/EG applies simultaneously. MiFID is a cornerstone of the EU's regulation of financial markets and pursues two goals: Improving the protection of the investors and strengthening the efficiency, transparency and integrity of the financial market to enhance the functionality of the financial markets. MiFID has led to increasing competition, better and cheaper services and to a deeper and more liquid market.


Order Execution Policy, London Branch, August 2017

Order Execution Policy, Germany, August 2017