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In 2004, the European Community adopted the first Market in Financial Instruments Directive (MiFID I), which aimed to create a single European market for investment services and activities. MiFID I mandated increased reporting, transparency and rules for business conduct and financial instruments. It took effect in November 2007.
Whereas MiFID I strove to create a single European equities trading market, MiFID II developed in response to the 2008 financial crisis. Adopted by the European Community in 2014, MiFID II will extend and reform the original MiFID framework to the non-equities markets: derivatives, foreign exchange, cash, commodities and fixed income assets. Trades of all equity and non-equity assets will be required to occur in open, transparent trading venues. Execution of MiFID II is slated for January 3, 2018.
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