MiFID - En analys av direktivet om marknader för finansiella instrument och dess inverkan på kundens ställning på värdepappersmarknaden

Abstract

This essay aims to analyse the Markets in Financial Instruments Directive, formally called MiFID, and whether it improves the situation of the investor, the customer, on the market for securities. MiFID is a directive from the European Union and was implemented by the member states in 2007. Besides having the objective to harmonise the European financial market, the directive aims to increase competition 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 of MiFID into three main areas: trading venues, transparency and investor protection. These areas are subsequently analysed in relation to the investor’s situation on the market for financial securities and the overall question at issue is whether MiFID improves the situation of the investor. With the purpose of coming to a conclusion on this main question, working questions are furthermore used to support the progress of the essay. The implementation of MiFID in the member states may be formally completed. However, in reality it is, in our opinion, still an ongoing process. New trading venues are being established and the responsible authorities in the member states are continuing their work and adresses shortages in the market. 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 the situation of the investor on the market for securities.