MiFID (The Markets in Financial Instruments Directive) is probably one of the most significant regulatory initiatives that is about to transform the European Capital Markets. Far from the predictions of some scaremongering commentators that a collapse of the industry is the only outcome, MiFID is in fact providing a unique harmonized framework for execution services across Europe. The long-term implication of MiFID is undoubtedly the complete desegregation of the existing value chain related to execution services, which is not free of risks for the quality of services provided to clients and the financial market structure itself. Although the Directive provides several responses to both risks, some may not be as effective as they should...