Goodbye Monopoly

摘要

As europe braces for new pre-trade data and post-trade reporting requirements resulting from the Markets in Financial Instruments Directive (MiFID), the Pan-European legislation already is shaking up the status quo in the exchange-dominated market data business. Under the legislation, which takes effect in November 2007, investment banks will be in a position to form their own trade reporting authorities and charge for disseminating their own market data.