EUROPE - The majority of European institutional investors believed new regulations, due next month would increase transparency and integrating capital markets, according to research from Greenwich Associates.
The research revealed investors said the Markets in Financial Instruments Directive (MiFID), scheduled to take effect on 1 November 2007, had a good chance of achieving the regulators’ stated goals of increasing market transparency and further integrating Europe’s capital markets.
John Colon, consultant at Greenwich Associates said: “Half the institutions we interviewed say MiFID will increase clients’ ability to measure and achieve best execution, while only 17% think the rules will make it harder for clients to assess best execution.”
However, more than three-quarters of the institutions said that MiFID would place mid-sized and regional brokers at a disadvantage, and 55% think the new rules favor major broker-dealers.
Jay Bennett, consultant at Greenwich Associates added: “Europe’s institutions expect that there will be winners, including the institutions themselves, large broker-dealers and electronic trading venues — which will benefit from the integration of markets and new requirements governing best execution and transparency. They also believe there will be losers, including smaller broker-dealers and exchanges.”
The directive is set to introduce significant changes to Europe’s regulatory framework with the goal of integrating Europe’s national markets, including new pre and post-trade transparency requirements and reporting requirements for equity markets, new capital requirements and other provisions intended to facilitate cross-border business.
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