Mifid 2 may hurt small investors

Brussels' review of Mifid will fail in one of its key aims – getting the best execution price of small and private investors. That is according to Michael Buhl, joint chief executive of the CEE Stock Exchange Group which owns the Vienna, Prague and Budapest exchanges. He tells Philip Stafford that mid-tier exchanges will be the first to take a hit when organised trading facilities or OTFs are introduced.