The European Commission will on Monday reveal proposals that have the potential to reshape the European Union's financial services industry, by making it easier for investment companies to operate across the bloc and forcing stock exchanges to compete with banks for parts of their business.
The proposals – seen by the Financial Times – form a crucial part of an ambitious legislative project known as the markets in financial instruments directive, or Mifid. The original directive was approved by EU states in 2004, but many of the provisions were left for later. They are contained in two separate laws, one regulation and one directive, which will be presented in Brussels today.
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