The driving forces of change have been trading structure and trading speed. Changes in the structure of trading lay in two key regulatory changes: the 2005 Regulation NMS (National Market System) in the US and the European MiFID (Markets in Financial Instruments Directive) in 2004. These aimed to increase competition in, and attract new entrants to, the trading landscape. They effectively ended the central trading exchanges' 300-year monopoly over trading activity, ushering in ".a diverse and distributed patchwork of exchanges and multilateral trading platforms." with a diverse range of execution characteristics.