On 1 November 2007, the European directive Markets in Financial Instruments Directive
(MiFID) came into effect. This directive stimulates, among other things, competition
between the various trading platforms. In addition, the MiFID provides legislation to protect
investors by requiring banks to apply a best execution policy. It also offers the
possibility for the coming into existence of new types of trading platforms including
the Multilateral Trading Facility (MTF). As a result of the MiFID, the European investment
sector has seen many new developments. TOM acts upon these developments in
a very innovative way and is expected to begin its service shortly.