The Mifid Ii Framework
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The Mifid Ii Framework
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Author : Mario Comana
language : en
Publisher: Springer
Release Date : 2019-02-15
The Mifid Ii Framework written by Mario Comana and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-02-15 with Business & Economics categories.
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.
Mifid Ii A New Framework For European Financial Markets
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Author : Pauline Laurent
language : en
Publisher: Butterworths
Release Date : 2019-01-31
Mifid Ii A New Framework For European Financial Markets written by Pauline Laurent and has been published by Butterworths this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-01-31 with categories.
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 Tick Size Regime Impact On European Equities Trading
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Author : Daniel Fritzler
language : en
Publisher: GRIN Verlag
Release Date : 2019-05-13
The Mifid Ii Tick Size Regime Impact On European Equities Trading written by Daniel Fritzler and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-05-13 with Business & Economics categories.
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.
Mifid Ii
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Author : Great Britain: Parliament: House of Lords: European Union Committee
language : en
Publisher: The Stationery Office
Release Date : 2012-07-10
Mifid Ii written by Great Britain: Parliament: House of Lords: European Union Committee and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-07-10 with Business & Economics categories.
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.
Legal Accountability In Eu Markets For Financial Instruments
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Author : Carl Fredrik Bergström
language : en
Publisher: Oxford University Press
Release Date : 2021-12-23
Legal Accountability In Eu Markets For Financial Instruments written by Carl Fredrik Bergström and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-12-23 with Law categories.
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.
Regulation Of The Eu Financial Markets
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Author : Danny Busch
language : en
Publisher: Oxford Eu Financial Regulation
Release Date : 2017
Regulation Of The Eu Financial Markets written by Danny Busch and has been published by Oxford Eu Financial Regulation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Law categories.
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.
Eu Investor Protection Regulation And Liability For Investment Losses
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Author : Marnix Wallinga
language : en
Publisher: Springer Nature
Release Date : 2020-10-30
Eu Investor Protection Regulation And Liability For Investment Losses written by Marnix Wallinga and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-10-30 with Law categories.
This book examines the relationship between the EU investor protection regulations enshrined in MiFID and MiFID II and national contract and torts law. It describes how the effect of the conduct of business rules as implemented in national financial supervision legislation in private law extends to the issue of enforcement, and critically assesses this interaction from the perspective of EU law. In particular, the conclusions identified in the book will deepen readers’ understanding of the interplay between the conduct of business rules and private law norms governing a firm’s liability to pay damages, such as duty of care, attributability of damage, causation, contributory negligence and limitation. In turn, the book identifies the subordination and the complementarity model to conceptualise the interaction between the conduct of business rules and private law norms. Moreover, the book challenges the view that civil courts are – or should be – forced to give private law effects to violation of the MiFID and MiFID II conduct of business rules in line with the subordination model. Instead, the complementarity model is advanced as the preferred approach to this interaction in view of what MiFID and MiFID II require from Member States in terms of their implementation, as well as the desirability of each model. This model presupposes that courts should consider the conduct of business rules when adjudicating individual disputes, while preserving the autonomy of private law norms governing liability of investment firms towards clients. Based on analysis of case law of courts in Germany, the Netherlands and England & Wales, as well as scholarly literature, the book also compares the available causes of action, the conditions of liability and the obstacles investors face when claiming damages, as well as how and the extent to which investors can benefit from the conduct of business rules in clearing these obstacles. In so doing, under the approach adopted by national courts to the interplay between the conduct of business rules of EU origin and private law, the book shows how investors can benefit from the influence of these rules on private law norms. In closing, it demonstrates a hybridisation of private law remedies resulting from the accommodation of the conduct of business rules into the private law discourse according to the complementarity model, illustrating how judicial enforcement through private law means may contribute to investor protection.
Mifid Ii And Private Law
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Author : Federico Della Negra
language : en
Publisher: Bloomsbury Publishing
Release Date : 2019-07-11
Mifid Ii And Private Law written by Federico Della Negra and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-07-11 with Law categories.
Based on author's thesis (doctoral - European University Institute, 2017) issued under title: Private law and private enforcement in the post-crisis EU retail financial regulation.
Sustainable Finance In Europe
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Author : Danny Busch
language : en
Publisher: Springer Nature
Release Date : 2021-07-05
Sustainable Finance In Europe written by Danny Busch and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-07-05 with Business & Economics categories.
The aim of this edited volume is to bring together the views of expert academics and practitioners on the latest regulatory developments in sustainable finance in Europe. The volume includes a wide range of cutting-edge issues, which relate to three main themes along which the volume is structured: (1) corporate governance; (2) financial stability; and (3) financial markets. With individual contributions deploying different methods of analysis, including theoretical contributions on the status quo of macro-financial research as well as law and economics approaches, the collection encourages interdisciplinary readership and will appeal to those researching capital markets law, European financial law, and sustainable finance, as well as practitioners within the finance industry.
A Practitioner S Guide To Mifid Ii
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Author : Jonathan Herbst
language : en
Publisher:
Release Date : 2015
A Practitioner S Guide To Mifid Ii written by Jonathan Herbst and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with Financial instruments categories.
A complete practitioner's guide to the provisions and practical implications of the new Markets in Financial Instruments Directive, MiFID II, and the new regulation, MiFIR. Written by a team of authors that includes some of the industry's foremost experts, the book will cover: ; Both the original directive and all the changes and extensions brought about by MiFID II; How the directive will impact firms and how they need to prepare for its implementation ; How the directive interacts with other European and UK level legislation.