On 1 November 2007, the Markets in Financial Instruments Directive (MiFID) will enter into force. The MiFID will replace the existing Investment Services Directive and harmonise national rules for investment services and the operation of exchanges by creating a robust, common regulatory framework for Europe's securities markets. This harmonisation will provide authorised investment firms, banks and exchanges with a "passport" to unrestricted operation throughout the European Union. The MiFID will increase competition and efficiency among exchanges, multilateral trading facilities and investment firms. Consequently, investors will have access to a greater number of trading venues and stronger protection. Significant market developments are already underway in anticipation of this new, more competitive environment.