Reg NMS vs. MiFID

摘要

Regulation National Market System (Reg NMS) and the Markets in Financial Instruments Directive (MiFID) represent major changes in the structure of the markets for equities trading in the U.S. and European Union (EU) respectively. Although frequently cited together, they often are misunderstood, and differences between them abound. The usual stereotypes regarding the regulatory frameworks in Europe and the U.S. are turned on their heads by the markedly different philosophies of MiFID and Reg NMS. Historically, Europe has had the reputation of being overcontrolled and overregulat-ed, while the U.S. has been known to have an almost unshakable belief in the power of market forces and laissez-faire approaches to regulation.