The MiFIR Trading Obligation

2018

Author : Peter Gomber
Release : 2018
Genre :
Kind : eBook
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Book Synopsis The MiFIR Trading Obligation by : Peter Gomber

Download or read book The MiFIR Trading Obligation written by Peter Gomber. This book was released on 2018. Available in PDF, EPUB and Kindle. Book excerpt: The new financial market regulation MiFID II/MiFIR will fundamentally change the trading and market infrastructure landscape in Europe. One key aspect is the trading obligation for shares that intends to restrict over-the-counter (OTC) trading to ensure that more trading takes place on regulated trading venues and on platforms of Systematic Internalisers (SIs). In this context, market observers often argue that SIs might have a competitive advantage due to the best execution concept in combination with the possible exemption of SIs from the tick size regime. Applying scenario analysis, we determine the likely migration of OTC trading volume to regulated trading venues and SIs. Based on our data set, covering intraday data including OTC trades as well as order book snapshots of EURO STOXX 50 constituents on major European venues, we investigate how changes in trading volume influence liquidity on lit markets. The results of our scenario analysis indicate that liquidity on lit markets might increase due to additional turnover formerly traded OTC. However, also a negative liquidity effect for lit markets and for the price discovery process is possible because of increased trading via SIs. According to this scenario, spreads might increase by 0.25%, round trip transaction costs of 50,000 € might increase by 0.92% and market depth 10 bps around the midpoint might decrease by 1.95% on lit venues. This effect on liquidity not only increases trading costs for investors in European equities trading, but also has a negative impact on issuers due to higher cost of capital and thereby on the real economy in Europe.

Regulation of the EU Financial Markets

2017 Law

Author : Danny Busch
Release : 2017
Genre : Law
Kind : eBook
Book Rating : 671/5 ( reviews)

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Book Synopsis Regulation of the EU Financial Markets by : Danny Busch

Download or read book Regulation of the EU Financial Markets written by Danny Busch. This book was released on 2017. Available in PDF, EPUB and Kindle. Book excerpt: PART I: GENERAL ASPECTS 1: Introduction, Danny Busch and Guido Ferrarini PART II: INVESTMENT FIRMS AND INVESTMENT SERVICES 2: The Scope of MiFID II, Kitty Lieverse 3: Governance of Investment Firms under MiFID II, Jens-Hinrich Binder 4: The Overarching Duty to Act in the Best Interest of the Client in MiFID II, Luca Enriques and Matteo Gargantini 5: Product Governance and Product Intervention, Danny Busch 6: Independent Financial Advice, Paolo Giudici 7: Conflicts of Interest, Stefan Grundmann and Philipp Hacker 8: Inducements, Larissa Silverentand, Jasha Sprecher, and Lisette Simons 9: Agency and Principal Dealing Under MiFID, Danny Busch 10: MiFID II/MiFIR's Regime for Third-Country Firms, Danny Busch & Marije Louisse PART III: TRADING 11: TGovernance and Organization of Trading Venues: The Role of Financial Market Infrastructures Groups, Guido Ferrarini & Paolo Saguato 12: EU Financial Governance and Transparency Regulation: A Test for the Effectiveness of Post-Crisis Administrative Governance, Niamh Moloney 13: SME Growth Markets, Carmine di Noia & Rudiger Veil 14: Dark Trading Under MiFID II, Peter Gomber & Ilya Gvozdevskiy 15: Derivatives: Trading, Clearing, STP, Indirect Clearing, and Portfolio Compression, Rezah Stegeman & Aron Berket 16: Commodity Derivatives, Antonella Sciarrone Alibrandi & Edoardo Grossule 17: Algorithmic Trading and High Frequency Trading, Pierre-Henri Conac 18: An American perspective, Merritt Fox PART IV: SUPERVISION AND ENFORCEMENT 19: Public Enforcement of MiFID II, Christos Gortsos 20: The Private Law Effect of MiFID: the Genil Case and Beyond, Danny Busch PART V: THE BROADER VIEW AND THE FUTURE OF MIFID 21: MiFID II: Picking up the Crumbs of a Piecemeal Approach, Veerle Colaert 22: Shadow Banking and the Functioning of Financial Markets, Eddy Wymeersch 23: Investment-based Crowdfunding: Is MiFID II enough?, Guido Ferrarini & Eugenia Macchiavello.

The MiFID II Framework

2019-02-15 Business & Economics

Author : Mario Comana
Release : 2019-02-15
Genre : Business & Economics
Kind : eBook
Book Rating : 041/5 ( reviews)

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Book Synopsis The MiFID II Framework by : Mario Comana

Download or read book The MiFID II Framework written by Mario Comana. This book was released on 2019-02-15. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a detailed analysis of the main innovations and impacts associated with the package of European legislation comprising MiFID II and MiFIR, which constitutes a pillar of the EU’s “single rulebook” for financial regulation. Adopting a research-oriented approach, the authors also consider the practical consequences of the new legislation, to provide a clear description of the new rules and the ways in which they address concerns raised by the financial crisis, as well as an appraisal of the theoretical implications from an EU-wide perspective. The book also presents a comparative analysis of how the package is being implemented within the larger countries of the Eurozone and the United Kingdom, and evaluates the likely consequences for banks’ business models. This research book is a valuable resource for graduate and master’s level students as well as professionals and practitioners interested in understanding the European financial law and, in particular, the dynamics of the investment industry.

EU Securities and Financial Markets Regulation

2023-03-25 Law

Author : Niamh Moloney
Release : 2023-03-25
Genre : Law
Kind : eBook
Book Rating : 425/5 ( reviews)

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Book Synopsis EU Securities and Financial Markets Regulation by : Niamh Moloney

Download or read book EU Securities and Financial Markets Regulation written by Niamh Moloney. This book was released on 2023-03-25. Available in PDF, EPUB and Kindle. Book excerpt: Over the decade or so since the global financial crisis rocked EU financial markets and led to wide-ranging reforms, EU securities and financial markets regulation has continued to evolve. The legislative framework has been refined and administrative rulemaking has expanded. Alongside, the Capital Markets Union agenda has developed, the UK has left the EU, and ESMA has emerged as a decisive influence on EU financial markets governance. All these developments, as well as the Covid-19 pandemic, have shaped the regulatory landscape and how supervision is organized. EU Securities and Financial Markets Regulation provides a comprehensive, critical, and contextual account of the intricate rulebook that governs EU financial markets and its supporting institutional arrangements. It is framed by an assessment of how the regime has evolved over the decade or so since the global financial crisis and considers, among other matters, the post-crisis reforms to key legislative measures, the massive expansion of administrative rulemaking and of soft law, the Capital Markets Union agenda, the development of supervisory convergence as the means for organizing pan-EU supervision, and ESMA's role in EU financial markets governance. Its coverage extends from capital-raising and the Prospectus Regulation to financial market intermediation and the MiFID II/MiFIR and IFD/IFR regimes, to the new regulatory regimes adopted since the global financial crisis (including for benchmarks and their administrators), to retail market regulation and the PRIIPs Regulation, and on to the EU's third country regime and the implications of the UK's departure from the EU. This is the fourth edition of the highly successful and authoritative monograph first published as EC Securities Regulation. Heavily revised from the third edition to reflect developments since the global financial crisis, it adopts the in-depth contextual and analytical approach of earlier editions and so considers the market, political, institutional, and international context of the regulatory and supervisory regime.

The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018

2018-10-22

Author : Great Britain
Release : 2018-10-22
Genre :
Kind : eBook
Book Rating : 480/5 ( reviews)

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Book Synopsis The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 by : Great Britain

Download or read book The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 written by Great Britain. This book was released on 2018-10-22. Available in PDF, EPUB and Kindle. Book excerpt: Enabling power: European Communities Act 1972, s. 2 (2) & European Union (Withdrawal) Act 2018, s. 8 (1), sch. 7, para. 21. Issued: 22.10.2018. Sifted: -. Made: -. Laid: -. Coming into force: In accord. with reg. 1 (2) (3), Effect: S.I. 2001/544, 699; 2017/699, 701 amended. Territorial extent & classification: E/W/S/NI. EC note: These Regulations are made in exercise of the powers in section 8 of the European Union (Withdrawal) Act 2018 in order to address failures of retained EU law to operate effectively and other deficiencies arising from the withdrawal of the United Kingdom from the European Union (and in particular, the deficiencies under paragraphs (b), (c), (e), (f) and (g) of section 8(2)). They amend the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017, and the Data Reporting Services Regulations 2017. They also amend Regulation (EU) No 600/2014 on markets in financial instruments and Commission Delegated Regulation 2017/565/EU supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms; and Commission Delegated Regulation 2017/567/EU supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to definitions, transparency, portfolio compression and supervisory measures on product intervention and positions.For approval by resolution of each House of Parliament

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