MiFID implementation in the midst of the financial crisis. Results of an ECMI survey

This report summarises the main results of a survey conducted by the European Capital Markets Institute (ECMI) during the period December 2009 - July 2010. The survey aims to investigate the actual implementation of the Markets in Financial Instruments Directive (MiFID), two years after it came into force. A general finding of this survey is that MiFID rules have had a positive impact, in particular, through fostering a more competitive environment, which has promoted, inter alia, cuts in trading fees and massive investment in technologies and infrastructure. The impact of the Directive, however, remains highly controversial in terms of data quality and implementation costs.