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GLOBAL INVESTOR 2.07 Switching — 52<br />
21 April<br />
Adoption of MiFID<br />
by the EU Parliament<br />
31 January<br />
Transposition into<br />
local law<br />
Source: KPMG International/Economist Intelligence Unit survey 2006, Credit Suisse/European Commission, Credit Suisse<br />
2004 2005 2006 2007 2008<br />
September<br />
European Commission’s<br />
final approval<br />
June<br />
European Standard<br />
Committee Approval<br />
1 November<br />
MiFID and national legislation<br />
enters into force for the<br />
industry<br />
Global investment banks<br />
plan to establish a<br />
pan-European trading<br />
platform<br />
Figure 1<br />
MiFID’s path to implementation<br />
Following the adoption of MiFID by the European Parliament back in 2004, member countries were given until 31 January 2007 to adjust their legislation<br />
to the new directive. Stock exchanges and retail stockbrokers are likely to have more difficulties, whereas large investment banks should<br />
be more on the winning side. Consultants and software developers are also expected to benefit from the introduction of the new framework.
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