'Internalizers' Take on Exchanges
COMPLIANCE TECHNOLOGIES
LONDON—Independent exchanges are preparing to face fresh competition from their customers once the securities industry reforms of the Markets in Financial Instruments Directive (Mifid) become law on Nov. 1, 2007 for the 25 member states of the European Union (EU).
Among the major changes that Mifid aims to introduce is the creation of systematic internalizers (SIs)—banks or investment firms that can set themselves up as execution venues. While estimates of how many of these venues will appear
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