Around the world, the exchange industry is taking new shape. The roles of exchanges, banks and trading firms, information providers and other market participants are shifting. Companies and investors are reaching far beyond national borders. Trading models are changing dramatically, and the flow of data is mounting at ever higher rates.

At the same time, deregulation is promoting greater openness and competition while also introducing measures to improve investor protection. The United States has implemented Regulation National Market System, Reg NMS, while in Europe the Markets in Financial Instruments Directive, MiFID, aims to promote further harmonization of the EU capital markets. These and other examples of deregulation will have further impact on the roles and relationships between exchanges, members and information vendors and how we all conduct business.

Initially taking effect November 1, 2007, MiFID concerns any company that offers investment services and performs investment activities or operates trading venues. Even though the requirements may vary, MiFID basically encompasses all financial instruments including equities, derivatives, bonds and foreign exchange.