Monday, October 29, 2007
New rules that will eliminate many of the barriers to trading securities within the European Union will go into effect this week. The Markets in Financial Instruments Directive (MiFID) is expected to reduce the customers' costs in trading securities, which today are substantially higher in Europe than in the US. In addition, firms will owe their customers a duty of best execution. Firms, however, are complaining about compliance costs. WSJ, New Rules to Cut Hassle, Expense Of Trades in EU.