8. The challenges and implications of the Markets in Financial Instruments Directive (MiFID) and of its revision (MiFID II, MiFIR) on the efficiency of financial markets

This chapter will focus on the investigation of challenges underlined by the Markets in Financial Instruments Directive (MiFID) in view of the financial market efficiency. This chapter provides a reporting and an assessment of implications of this directive on the financial market efficiency through the selection of major academic work achieved on this subject. Its revision through MiFID II and MiFIR will also be taken into account given that it constitutes a key directive and a key regulation for the future organization and functioning of European financial markets. In conclusion, the remaining challenges towards the original objectives of MiFID will be underlined to determine what remains to be achieved to benefit from more integrated and efficient European financial markets in order to reduce the cost of capital, to generate growth and to reinforce the international competitiveness of the European Union without neglecting the rights and duties of its citizens and investors.