At FOW Derivatives and Securities Forum in Milan last week, the EU's markets in financial instruments directive (Mifid) remained a hot topic.
Chris Pickles, manager, industry relations at BT Radianz, said at the conference that Mifid's impact on the marketplace could not be underestimated. "This is the biggest change in European markets over the next five years. It is going to cost billions," he said.
He explained that automated trading, implemented twenty years ago, needed to...