Markets in Financial Instruments Directive (MiFID) is an EU directive that will replace the existing Investment Services Directive (ISD), that is, Directive 93/22/EEC. It aims to create an integrated structure for a pan-European market for investment products.

In particular it aims to make cross-border trading in securities in Europe easier for financial institutions and investors by improving the passport rights created under the ISD. It also aims to extend the passport rights to new products and services (for example, commodity derivatives, credit derivatives, and financial contracts for difference).

Read more about MiFID