CESR has reported on the impact MiFID has had on market transparency and integrity, regulated markets, MTFs and systematic internalisers in the equity markets. The report shows MiFID has had a profound effect on trading, often good, but there are some concerns. For example, competition has driven down execution costs, but participants are concerned they are not fully benefiting from some costs savings exchanges and platforms have made. Some participants are also worried market data has become fragmented and CESR is looking at this. CESR will report on non-equity markets next year.