Editor's letter: Focus is the key

Ask 10 European buy-side firms what Mifid means to them and you are guaranteed to get 10 different answers. Similarly, if you conducted the same exercise in the US, but substituted Reg NMS for Mifid in the questionnaire, you will get the same conclusion. In short, the two regulations mean different things to different organisations that typically base their assessments on a mix of semantics, definitions, interpretations and their own frames of reference determined by their past experiences.

That

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