Markets in Financial Instruments Directive (MiFID): Implementation progress and possible implications for the Greek capital market.

摘要: As of November 2007, the Markets for Financial Instruments Directive, widely known as MiFID is a reality 27 EU member countries. The ambitious goal this legislation was integration fragmented national markets and their transformation into competitive efficient pan-European capital market benefit all participants, professional retail. In present article, after brief review main provisions MifID, we investigate implementation progress potential future implications Greek market. order to validate our conclusions, conducted survey among investment firms operating presently in Greece. Our findings are mixed: first, confirm inadequate preparation level inward rather passive attitude most firms. Moreover, reveals pessimistic view participants prospects longer run, expect significant improvements functioning efficiency market, with improved possibly cheaper services investors, but on other hand inevitable overdue consolidation may be accompanied by loss transaction revenue volumes. Similarly, part volume large capitalization stocks will migrate outside ATHEX, leaving Exchange reduced liquidity.