The role of the trader is under attack. Onerous regulation, demands for greater efficiency and lower commissions are nothing new but the arrival the European Commission's markets in financial instruments directive is set to fundamentally change the way equities, bonds and derivatives are traded in Europe.

The worst predictions are that the arrival in April 2007 of Mifid, with its demands for greater transparency, compliance and reporting requirements, will put many smaller trading houses out of business. At the very least it will force a sea change in the way traders do business and increase the demand for sophisticated automated trading tools, such as algorithms and direct-market access.