Mifid Ii A New Framework For European Financial Markets

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MiFID II: A New Framework for European Financial Markets

Author : Pauline Laurent
Publisher : Butterworths
ISBN 13 : 9781474312998
Total Pages : 580 pages
Book Rating : 4.3/5 (129 download)

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Book Synopsis MiFID II: A New Framework for European Financial Markets by : Pauline Laurent

Download or read book MiFID II: A New Framework for European Financial Markets written by Pauline Laurent and published by Butterworths. This book was released on 2019-01-31 with total page 580 pages. Available in PDF, EPUB and Kindle. Book excerpt: Available for the first time in English, MiFID II: A New Framework for European Financial Markets is the definitive work on this crucial reform and its global impact. It provides a clear and concise guide to understanding - and complying with - the most complex and wide-ranging reform of European financial regulation in recent times.E. de Fournoux, P. Laurent, F. Fleuret and B. Jule of AMAFi (Association francaise des marche financiers, France's representative body for professionals in the securities industry and financial markets) were heavily involved in the drafting and implementation of the MiFID regulations. The partners of Spitz Poulle Kannan (Paris's only law firm founded exclusively to provide advice on financial regulation and services), ensure that the text offers unrivalled expert guidance. "I can only hail the publication of a work which summarises the principal elements of this reform, above all when it is produced by acknowledged professionals. The authors deserve thanks for contributing in such an incisive way to highlighting a dense, complex and decisive reform for the future of European financial markets" - From the foreword by Markus Ferber, MEP and the European Parliament's Rapporteur for the Recast of the Markets in Financial Instruments Directive (MiFID II).Key features- Extensively revised since the original French edition to account for market developments and significant future events e.g. Brexit- Logical structure enables readers to find information quickly- Provides practical, concise guidance to the major implications of MiFID II and a critical analysis of the European regulatory process and its weaknesses- Summarises key pieces of complex information in an engaging, readable style

The MiFID II Framework

Author : Mario Comana
Publisher : Springer
ISBN 13 : 3030125041
Total Pages : 233 pages
Book Rating : 4.0/5 (31 download)

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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 and published by Springer. This book was released on 2019-02-15 with total page 233 pages. 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.

Regulation of the EU Financial Markets

Author : Danny Busch
Publisher : Oxford Eu Financial Regulation
ISBN 13 : 9780198767671
Total Pages : 0 pages
Book Rating : 4.7/5 (676 download)

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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 and published by Oxford Eu Financial Regulation. This book was released on 2017 with total page 0 pages. 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.

MiFID II

Author : Great Britain: Parliament: House of Lords: European Union Committee
Publisher : The Stationery Office
ISBN 13 : 9780108476037
Total Pages : 56 pages
Book Rating : 4.4/5 (76 download)

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Book Synopsis MiFID II by : Great Britain: Parliament: House of Lords: European Union Committee

Download or read book MiFID II written by Great Britain: Parliament: House of Lords: European Union Committee and published by The Stationery Office. This book was released on 2012-07-10 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report warns that rushed proposals from the European Commission to regulate financial markets risk damaging both the City of London and the entire EU financial sector. Flawed transparency proposals and the risk of creating unnecessary red tape means the EU needs to stop and take the time to get the proposals right. The Committee has scrutinised the Commission's proposals for a Directive and a Regulation in Markets in Financial Instruments (known as MiFID II). The new regulatory framework applies to a wide range of investment services such as global investment banks trading complex securities, fund managers investing pension funds, stock-broking firms and small high street financial advisers providing financial advice to the general public. This important and far-reaching proposal seeks to meet the G20 commitment to tackle the less regulated and more opaque parts ('dark pools') of the financial system, and to enable regulators to regulate, traders to trade, and consumers to use such products, with confidence. Proposals on third country access would effectively create a 'fortress Europe' - forcing countries such as the USA and China out of affected markets, to the detriment of EU consumers. An unsophisticated, one-size-fits-all approach that ignores the sensitivity of information before a trade is made (pre-trade transparency) not only risks damaging liquidity and reducing competition, but could also have a serious effect on market innovation. The new category of Organised Trading Facilities (OTFs), aimed at ensuring all organised trading is conducted on regulated venues, risks creating red tape.

The MiFID II Tick Size Regime. Impact on European Equities Trading

Author : Daniel Fritzler
Publisher : GRIN Verlag
ISBN 13 : 3668936692
Total Pages : 64 pages
Book Rating : 4.6/5 (689 download)

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Book Synopsis The MiFID II Tick Size Regime. Impact on European Equities Trading by : Daniel Fritzler

Download or read book The MiFID II Tick Size Regime. Impact on European Equities Trading written by Daniel Fritzler and published by GRIN Verlag. This book was released on 2019-05-13 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2018 in the subject Business economics - Investment and Finance, grade: 1,3, University of Frankfurt (Main) (Professur für e-Finance), language: English, abstract: Before the Markets in Financial Instruments Directive (MiFID I) was applied in 2007, exchanges were able to implement their own tick size without being concerned about competition, since trading was concentrated to the incumbent exchanges. The increased fragmentation and competition after the introduction of MiFID I in Europe started a race between the incumbent exchanges and alternative venues towards everfiner tick sizes in order to offer better prices and gain market share. Over the past few years, this trend has increased and caused adverse effects on the market quality. On March 3rd, 2018, MiFID II introduced a harmonized tick size regime that takes each stock's price and liquidity into account in order to address the negative impact of the \race to the bottom" that began with MiFID I. The aim of this bachelor thesis is to investigate whether the introduction of the MiFID II tick size regime has achieved its desired effect of positively impacting the European equity market quality. Therefore, I will study and summarize the existing literature about the general effect of tick size changes on security markets, whereby I distinguish between tick size changes that are caused by changes in tick size rules and price movements. Furthermore, I will introduce the main concepts of the new regulatory framework Markets in Financial Instruments Directive II / Markets in Financial Instruments Regulation (MiFID II/MiFIR) with a focus on the new tick size regime and its consequences for the European market. The core of this paper is the empirical study on the effects of tick size changes brought about by MiFID II's tick size regime on market quality, using data from the German home market Xetra. I will first investigate the overall impact of the regime on the most frequently traded stocks listed on Xetra by observing different measures of liquidity, such as transaction costs, market depth, trading volumes and price volatility. In addition, I provide separate results for the different effects of decreases and increases in tick size. Secondly, I examine the impact of the new regulatory framework and its tick size regime on the market share redistribution in Europe. This allows to determine whether the contentious exemption of systematic internalisers from the regime creates an unfair advantage at the expense of regulated markets.

EU Securities and Financial Markets Regulation

Author : Niamh Moloney
Publisher : Oxford University Press
ISBN 13 : 0192583425
Total Pages : 1335 pages
Book Rating : 4.1/5 (925 download)

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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 and published by Oxford University Press. This book was released on 2023-03-25 with total page 1335 pages. 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.

Europe's Hidden Capital Markets

Author : Jean-Pierre Casey
Publisher : CEPS
ISBN 13 : 9290795964
Total Pages : 142 pages
Book Rating : 4.2/5 (97 download)

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Book Synopsis Europe's Hidden Capital Markets by : Jean-Pierre Casey

Download or read book Europe's Hidden Capital Markets written by Jean-Pierre Casey and published by CEPS. This book was released on 2005 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: Assessing regulatory measures taken at the EU level that impact European bond markets, this book examines the desirability, utility, and feasibility of certain policy measures.

The MiFID Revolution

Author : Jean-Pierre Casey
Publisher : Cambridge University Press
ISBN 13 : 0521518636
Total Pages : 241 pages
Book Rating : 4.5/5 (215 download)

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Book Synopsis The MiFID Revolution by : Jean-Pierre Casey

Download or read book The MiFID Revolution written by Jean-Pierre Casey and published by Cambridge University Press. This book was released on 2009-10-08 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: An in-depth understanding of this new EU directive, with aspects and implications for the different business lines in financial markets.

Financial Regulation in the EU

Author : Raphaël Douady
Publisher : Springer
ISBN 13 : 3319442872
Total Pages : 484 pages
Book Rating : 4.3/5 (194 download)

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Book Synopsis Financial Regulation in the EU by : Raphaël Douady

Download or read book Financial Regulation in the EU written by Raphaël Douady and published by Springer. This book was released on 2017-08-29 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial regulation has dramatically evolved and strengthened since the crisis on both sides of the Atlantic, with enhanced international coordination through the G-20 and the Financial Stability Board and, at the regional level, a definite contribution from the European Union. However the new regulatory environment has its critics, with many divergent voices arguing that over-regulation has become a root cause of our current economic stagnation. This book provides a bigger picture view of the impact and future of financial regulation in the EU, exploring the relationship between microeconomic incentives and macroeconomic growth, regulation and financial integration, and the changes required in economic policy to further European integration. Bringing together contributions from law, economics and management science, it offers readers an accessible but rigorous understanding of the current state of play of the regulatory environment, and on the future challenges. Coverage will include: • A review of the recent regulatory changes from a legal and economic perspective • Analysis of how the economic model of financial institutions and entities is impacted by the new frameworks • How to improve securitization and new instruments under MIFID II • Issues in the enhanced supervision under delegated acts for AIFMD, CRR-CRD IV and Solvency II • How long term funding can be supplied in lieu of the non-conventional monetary policies • A new architecture for a safer and more efficient European financial system Financial Regulation in the EU provides much needed clarity on the impact of new financial regulation and the future of the economy, and will prove a must have reference for all those working in, researching and affected by these changes.

Legal Accountability in EU Markets for Financial Instruments

Author : Carl Fredrik Bergström
Publisher : Oxford University Press
ISBN 13 : 019284928X
Total Pages : 369 pages
Book Rating : 4.1/5 (928 download)

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Book Synopsis Legal Accountability in EU Markets for Financial Instruments by : Carl Fredrik Bergström

Download or read book Legal Accountability in EU Markets for Financial Instruments written by Carl Fredrik Bergström and published by Oxford University Press. This book was released on 2022-01-22 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: The proper functioning of the EU financial market is protected by public actors - both national and supranational - responsible for rulemaking and supervision of investment firms and other private actors. At the same time the effectiveness of the EU legal system requires vigilance from private actors such as investment firms but also their clients, invoking their rights before national authorities and courts. This means that investment firms have a dual role within the system, turning them into subjects of control and enforcement but also agents in the maintenance of the rule of law. Legal Accountability in EU Markets for Financial Instruments brings together a group of scholars with expertise from different legal disciplines but a shared interest for the EU internal market and the way it develops. It integrates a modern study of the form and function of EU rulemaking in the internal market after the financial crisis. The book includes an evaluation of core aspects of rulemaking in the financial market and that way provides a cross-cutting treatment of EU law. The focus of the book is set on the regulatory framework in MiFIDII and MiFIR and thematic questions around legal mechanisms for accountability and the role of investment firms in the operation of those mechanisms. It further discusses the implications for EU law and the EU legal system and gives readers a thorough understanding of the concept of accountability through its own findings.

The Future of Investing

Author : Chris Skinner
Publisher : John Wiley & Sons
ISBN 13 : 9780470517116
Total Pages : 292 pages
Book Rating : 4.5/5 (171 download)

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Book Synopsis The Future of Investing by : Chris Skinner

Download or read book The Future of Investing written by Chris Skinner and published by John Wiley & Sons. This book was released on 2007-06-29 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Markets in Financial Instruments Directive (MiFID) is the biggest change programme Europe’s capital markets have ever attempted. It takes all the protection away from Europe’s Stock Exchanges and forces investment banks, brokers and dealers to guarantee best execution. The organisational, process and technology changes demanded by the MiFID are massive. In order to understand these challenges, industry commentator Chris Skinner has gathered the views of Europe’s leading figures in the MiFID community to discuss its implications. From an introduction from the European Business School and European Commission, through the views of leaders in the key constituencies of MiFID Connect and the MiFID Joint Working Group, through to organisations supporting the markets such as Reuters and SWIFT, this book provides a 360-degree perspective of the world of investing in Europe’s markets after the MiFID implementation. Anyone who has anything to do with dealing, trading and investing in European equities and instruments will find this book an essential guide to the markets now and into the future. With this book as their guide, readers will understand: • The key MiFID business issues • How to implement the directive • How it will affect the markets once it comes into force

The New Landscape - How MiFID Drives Changes Among European Execution Venues

Author : Michael Chlistalla
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis The New Landscape - How MiFID Drives Changes Among European Execution Venues by : Michael Chlistalla

Download or read book The New Landscape - How MiFID Drives Changes Among European Execution Venues written by Michael Chlistalla and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The Markets in Financial Instruments Directive (MiFID) is the new regulatory framework for investment services in the European Economic Area (EEA) and has to be applied by investment firms and Regulated Markets in Europe from November 1st 2007. It is expected to trigger fundamental changes in the European trading landscape. The paper outlines a framework that serves to classify new initiatives in equities trading. This framework is then applied to present recent initiatives by established exchanges or investment firms that are based on the new opportunities provided by MiFID in the context of multilateral trading and internalisation.

Regulating Finance in Europe

Author : HŽritier, Adrienne
Publisher : Edward Elgar Publishing
ISBN 13 : 1800379595
Total Pages : 200 pages
Book Rating : 4.8/5 (3 download)

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Book Synopsis Regulating Finance in Europe by : HŽritier, Adrienne

Download or read book Regulating Finance in Europe written by HŽritier, Adrienne and published by Edward Elgar Publishing. This book was released on 2021-11-05 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely book presents an in-depth investigation of who benefits from European financial market regulatory measures and how decision-makers and stakeholders are held politically and administratively accountable. The extensive study illustrates the full range of the actors involved in key regulatory processes such as the regulation of high-frequency trading and the activities of central-clearing counterparties.

Integrating Europe's Financial Markets

Author : Jörg Decressin
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 292 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Integrating Europe's Financial Markets by : Jörg Decressin

Download or read book Integrating Europe's Financial Markets written by Jörg Decressin and published by International Monetary Fund. This book was released on 2007-09-12 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication traces the European Union's journey along the path to a single financial market and identifies the challenges and priorities that remain ahead. It examines recent integration efforts in the EU following the introduction of the euro, the importance of financial integration for economic growth, the interplay between banks and markets, and equity market integration, as well as the relationship between financial integration and financial stability.

Changes in the EU Financial Markets Since the Introduction of MIFID II

Author : Dorottya Igricz
Publisher :
ISBN 13 :
Total Pages : 61 pages
Book Rating : 4.:/5 (111 download)

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Book Synopsis Changes in the EU Financial Markets Since the Introduction of MIFID II by : Dorottya Igricz

Download or read book Changes in the EU Financial Markets Since the Introduction of MIFID II written by Dorottya Igricz and published by . This book was released on 2019 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Markets in Financial Instruments Directive

Author : François Haas
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis The Markets in Financial Instruments Directive by : François Haas

Download or read book The Markets in Financial Instruments Directive written by François Haas and published by International Monetary Fund. This book was released on 2007-10 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Markets in Financial Instruments Directive (MiFID) which comes to life on November 1, 2007, represents a major step toward the creation of a single, more competitive, cross-border securities market in Europe. Together with other components of the European Commission's Financial Services Action Plan, MiFID has the potential to significantly transform the provision of financial services and the functioning of capital markets in Europe. This paper assesses the directive and the dynamics it creates from a broad perspective, focusing on those aspects that carry relatively higher transformation potential, and on the appropriate supervisory arrangements for European securities markets once MiFID is operational.

Comparing European and U.S. Securities Regulations

Author : Tanja Boskovic
Publisher : World Bank Publications
ISBN 13 : 0821382543
Total Pages : 186 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Comparing European and U.S. Securities Regulations by : Tanja Boskovic

Download or read book Comparing European and U.S. Securities Regulations written by Tanja Boskovic and published by World Bank Publications. This book was released on 2010-01-12 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper, aimed at professionals, scholars, and government officials in the field of securities regulations, compares the European (specifically the Market in Financial Instruments Directive MiFID) and U.S. securities regulations. The analysis focuses on the regulatory and supervisory framework, trading venues, and the provision of investment services. We show that although there may be regional differences in the structure and rules of current securities regulation, the objectives and some outcomes of regulation are comparable. Similarly, as the current global financial and economic crisis exposed gaps in securities regulations worldwide, regulators in both regions face similar challenges. This study will be particularly useful for World Bank member countries that are looking at either the European or U.S. regulations when conducting market reforms.