The Markets in Financial Instruments Directive (MiFID) has been incorporated in the Greek Legislation by L. 3606/2007, which came into force on November 1st, 2007.

MiFID’s objective is the development of a pan-european market in investment services, through the establishment of common regulatory rules, which govern the provision of investment services and activities by all the EU members. This market will offer a variety of services and products to the investors, will provide liquidity and market depth, thus becoming more attractive to international investors.

The implementation of MiFID impacts significant changes, which mainly pertain to:

• The markets operation. In the new environment investors may deal on trading platforms, other than the regulated markets (exchanges), such as on the Multilateral Trading Facilities (MTF’s), which may be established under MiFID. Systematic Internalizers, also introduced by MiFID, are banks or investment firms, which on an organised, frequent and systematic basis deal on own account, by executing clients orders outside a regulated market or an MTF. The different trading platforms offer investors the possibility of achieving the best result for them.
• The obligation of the banks and the investments firms to comply with the conduct of business rules, in accordance with their clients best interests.
• The clients categorization, which impacts a different level of clients protection, depending on each category.

CLIENT CATEGORIES (based on MiFID)

Professional Clients may ask to be categorized as Eligible Counterparties provided they fulfill the criteria set out by MiFID. Eligible Counterparties waive the level of protection afforded to Professional Clients.

According to the MiFID requirements, ALPHA FINANCE provides to its clients with:

• The Order Execution Policy for Retail Clients
• The Order Execution Policy for Professional Clients
• The Description of Investment Products and the related risks

For further information or clarifications, please contact the Client Services of
ALPHA FINANCE, calling at the telephone number +30 210 370 5700 or by sending an e-mail at the e-mail address alphatrade@alphafinance.gr.