The revised Markets in Financial Instruments Directive (MiFID) and the accompanying Markets in Financial Instruments Regulation (MiFIR) regulate the provision of investment services in a multitude of financial instruments at regulated trading venues as well as in OTC trading.

The Directive and Regulation (Level 1) entered into force on 1 July 2014. The provisions must be transposed into national law until 3 July 2017, while the financial application is planned for 3 January 2018.

The new directive and regulation will fundamentally transform the European securities market by expanding transparency provisions, strengthening the stability and integrity of the financial market infrastructure, revising the markets’ microstructure (market making, algorithmic trading, requirements regarding the security mechanisms of trading venues and market participants, tick sizes) and improving of the quality and availability of market data.