Until recently, investors had little choice in the way their securities orders were executed. Especially retail investors were often
confronted with the dominant (monopoly) position of national exchanges. However, on 1 November 2007 the
European legislation Markets in Financial Instruments Directive (MiFID) came into effect, which allows the competition between the various exchanges/trading
platforms. The objective of this competition is to obtain better prices for investors. TOM acts upon this development in a very innovative way.