Exchanges to Lose Out Under MiFID

INDUSTRY ISSUES

Exchanges may lose up to €300 million in revenues a year as a result of the EU's Markets in Financial Instruments Directive, according to a new report from analyst and research firm Celent Communications.

Octavio Marenzi and Perrine Fiorina, who wrote the report, say that under MiFID, "investment firms will be free to distribute their market data as they see fit and even sell their market data, provided they do so on a commercially reasonable basis."

MiFID, which is due to go into effect by A

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