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First MiFID Market impact?

The FT has reported that the UK's only residential property stock exchange, the Property Investment Market, has been forced to suspend its business after failing to meet new MiFID regulations. They have failed to gain approval so far from the FSA as a Multilateral Trading Facility or MTF. This news is interesting (using the word in its MiFID sense) in that it indicates that the regulation will have some short term impact, particularly where markets were previously unregulated.
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