MiFID - En analys av direktivet om marknader för finansiella instrument och dess inverkan på kundens ställning på värdepappersmarknaden
MiFIDMarket in Financial Instruments DirectiveSecuritiesFinancial instrumentsInvestor protectionTransparencyTrading venuesEUEuropean Union
This essay aims to analyse the Markets in Financial Instruments Directive, formally called MiFID, andwhether it improves the situation of the investor, the customer, on the market for securities. MiFID isa directive from the European Union and was implemented by the member states in 2007. Besideshaving the objective to harmonise the European financial market, the directive aims to increasecompetition and efficiency among the markets in the member states.After our initial reasearch in the area we choosed to do a textual analysis and divide the content ofMiFID into three main areas: trading venues, transparency and investor protection. These areas aresubsequently analysed in relation to the investor?s situation on the market for financial securities andthe overall question at issue is whether MiFID improves the situation of the investor. With thepurpose of coming to a conclusion on this main question, working questions are furthermore used tosupport the progress of the essay.The implementation of MiFID in the member states may be formally completed. However, in reality itis, in our opinion, still an ongoing process. New trading venues are being established and theresponsible authorities in the member states are continuing their work and adresses shortages in themarket. By using relevant theories to support the analysis of the effects on for example competition,transparency and investor protection we come to the conclusion that MiFID indeed improves thesituation of the investor on the market for securities.