MIFID (the markets in financial instruments directive) and technology

Regulatory liberalisation and technology development are the two great drivers of change in financial markets. Although much has been written about MiFID, the latest chapter in liberalisation of EU financial markets, less attention has been paid from the legal perspective to technology. This article briefly outlines the major regulatory changes that MiFID brought about by way of setting the context for a discussion of the main legal areas where technology is relevant – systems management and controls, outsourcing, transparency data and market data.