Comparison of Securities Trading System Between MiFID and Reg NMS
The two securities trading system of E.U. and U.S., MiFID and Reg NMS represent historical milestones in the development of modern day securities trading. Both MiFID and Reg NMS seek a balance between promotion of order flow integration and enhancement of competition between trading venues. Besides the general terminology, MiFID and Reg NMS are different with regard 'Best Execution', transparency and market data. With the rapid development of E.U. economic integration and the circulation of E.U. single currency "Euro", it is necessary to put revision of securities market integration directive in E.U.