In force since November 2007, the original Markets in Financial Instruments Directive (MiFID) governs the provision of investment services in financial instruments (such as brokerage, advice, dealing, portfolio management, underwriting, etc.) by banks and investment firms and the operation of traditional stock exchanges and alternative trading venues ( so-called multilateral trading facilities.
2007. aasta novembris jõustunud esialgne finantsinstrumentide turgude direktiiv (MiFID) hõlmab finantsinstrumentidega seotud investeerimisteenuste pakkumist pankade ja investeerimisühingute poolt (maakleriteenused, investeerimisnõustamine, kauplemine, portfelli valitsemine, emissiooni tagamine jne) ning tavapäraste börside ja alternatiivsete kauplemiskohtade (nn mitmepoolsed kauplemissüsteemid) tegevuse korraldamist.