UK investors have been active on the stock markets in record levels, but the Markets in Financial Instruments Directive (Mifid) has passed many traders by, it has been suggested.

Angus Rigby, chief executive officer at TD Waterhouse, made the comment after the broker released trading figures for 2007 which revealed Northern Rock to be the best buy in the opinion of UK retail investors.

Mifid was the “big regulatory change for 2007”, he noted, but its impact has been understated during an eventful year which featured the first run on a UK bank in more than 100 years and the impact of the global credit crisis, Mr Rigby indicated.

Following the run on Northern Rock in September this year, some 11 per cent of investors surveyed by TD Waterhouse in October said they would invest in the bank if they were given £5,000 worth of funds to use on that day.

“Despite growls from the markets, we’re seeing more British investors than ever trading in stocks and shares,” Mr Rigby said.

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