Private investors may soon get better access to companies outside of the core European markets following the introduction of the European Union’s (EU) Markets in Financial Instruments Directive (MiFID).

MiFID, which came into force in the UK on 1 November, is meant to create a level playing field for equities trading across the EU’s 27 member states. One implication of this is that your broker should find it easier to access Europe’s smaller exchanges.

Andrew Allwright, head of marketing, exchange-traded instruments, at Reuters, says: ‘As the regulation beds in investment firms will move from a position of “let’s make sure we are compliant” to “how can we benefit” – and that’s when we’ll start to see more interesting services launched.’

Allwright is expecting new services in the second half of 2008 and in particular flags the potential for better access to the OMX group of exchanges in Scandinavia (Denmark, Sweden and Finland) as well as to the London Stock Exchange’s Borsa Italiana in Milan.

Access to European markets – albeit generally only via by phone broking at present – is well-established for the core equity markets. Most brokers can now trade shares listed on the NYSE Euronext group of exchanges (France, Belgian, Portugal and the Netherlands). Access to Deutsche Borse’s Frankfurt Stock Exchange is equally good.

MiFID follows the EU’s Transparency Directive, which promises pan-European wide dissemination of company information. The directive, which came into force in the UK on 20 January, compels EU companies to disseminate regulatory information, such as results and price-sensitive announcements, right across the block.