So, MiFID I, you turn 10 today. Happy Birthday! That’s an excellent reason to pause and celebrate a little. When you first arrived markets were dominated by national stock exchanges with little or no pan-European focus, trading was mostly manual, and smart
order routing and best execution were foreign terms from across the pond. You’ve certainly left your mark on the past decade and markets today are significantly changed. We could reminisce for hours about all your achievements (and shortcomings), but our attention
is now focused on the release of the sequel less than 63 days from now. Who knows where we will be in another ten years. Will MiFID II make its mark like a grandiose Godfather Part II or a disappointing Speed II?