MiFID Revolution or Delayed Execution

MiFID portends a true revolution in the European financial landscape for both exchanges and financial services firms. Inter alia, the EU legislation abolishes the monopoly position traditionally enjoyed by exchanges and introduces the concept of best execution for service providers. In his survey of the state of preparedness on the part of both member states and firms to implement the MiFID provisions, CEPS Chief Executive Karel Lannoo finds huge diversity. While acknowledging that these pose fundamental challenges for the actors involved, he warns that failure to adapt to the strategic implications of MiFID in the coming months may mean gradual extinction.