Having regulated everything from the design of toilets to the curvature of bananas, the European Union has turned its attention to securities trading. An EU directive that takes effect in less than two years gives detailed instructions on trade pricing, data storage and just about anything else related to securities transactions. The Markets in Financial Instruments Directive aims to standardize member states' trading rules to improve transparency and protect investors. Starting in May 2007, MiFID will apply to stocks, equity derivatives and money market instruments; other assets are to follow.
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