MiFID: One Year On

Table of Contents

1. Executive Summary… ……………………………………………………………………………………… 5

2. Introduction……………………………………………………………………………………………………… 7

3. A New Competitive Landscape… ……………………………………………………………………… 9 3.1 Systematic Internalisation… …………………………………………………………………………… 9 3.2 Dark Liquidity Pools………………………………………………………………………………………… 10 3.3 Fragmentation………………………………………………………………………………………………… 11 4. Other Consequences of MiFID… …………………………………………………………………… 14 4.1 Pre-Trade Transaprency…………………………………………………………………………………… 14 4.2 Post-Trade Transparency… ……………………………………………………………………………… 15 4.3 Best Execution………………………………………………………………………………………………… 15

5. Conclusion… ………………………………………………………………………………………………… 17

6. Appendix: The EBEX Indicators… …………………………………………………………………… 18

References… ……………………………………………………………………………………………………………… 22

EDHEC Position Papers and Publications……………………………………………………………………… 23

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