Home Market & investments banking MiFID Revision of the markets in financial instruments directive  


21 may 2014

Revision of the markets in financial instruments directive


  • The revision of the MIF directive and regulation, under way since autumn 2011, was adopted in January 201. It aims to make the financial markets more reliable and more transparent in order to ensure the financing of the economy.

  • These texts concern traditional financial instruments (equities, bonds), derivatives and commodities, whatever their trading forms, organised or OTC markets.

  • For French banks, this regulatory corpus remains essential since it will define the European market framework that will be the medium for gradual disintermediation due to the new prudential and accounting requirements applied to traditional deposit/loan banking activities. The FBF is actively monitoring the decisions concerning organised multilateral trading platforms. It is also attentive to the transparency rules encouraging the formation of fair and efficient prices.

  • The role of the European Financial Markets Authority will be crucial for the drawing up of application texts. When the MI I text was adoted, the lack of differentiated interpretation, according to member states, of the definitions of markets led to an important competitive impact.

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