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Reforming securities and derivatives trading in the EU: from EMIR to MiFIR

Ferrarini, Guido and Saguato, Paolo (2013) Reforming securities and derivatives trading in the EU: from EMIR to MiFIR. Journal of Corporate Law Studies, 13 (2). pp. 319-359. ISSN 1473-5970

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Identification Number: 10.5235/14735970.13.2.319

Abstract

The financial crisis has generated a deep revision of the regulation of securities and derivatives markets. In this paper, we critically examine the extent to which current reforms, such as the European Market Infrastructure Regulation and the proposed new Markets in Financial Instruments Directive and Regulation, will expand "public" securities and derivatives markets, while correspondingly reducing the scope of "private" markets (which broadly coincide with the "unregulated" over-the-counter markets). We also ask whether these reforms will on the whole reduce systemic risks and transaction costs of securities and derivatives trading in Europe. For these purposes, we formulate conjectures that are partly based on the experience of past reforms in the area of equity trading.

Item Type: Article
Official URL: http://www.hartjournals.co.uk/jcls/
Additional Information: © 2013 The Authors, Hart Publishing
Divisions: Law
Subjects: H Social Sciences > HC Economic History and Conditions
H Social Sciences > HG Finance
J Political Science > JN Political institutions (Europe)
K Law > K Law (General)
JEL classification: G - Financial Economics > G2 - Financial Institutions and Services > G20 - General
G - Financial Economics > G2 - Financial Institutions and Services > G28 - Government Policy and Regulation
K - Law and Economics > K2 - Regulation and Business Law > K20 - General
K - Law and Economics > K2 - Regulation and Business Law > K22 - Corporation and Securities Law
L - Industrial Organization > L5 - Regulation and Industrial Policy > L51 - Economics of Regulation
Sets: Departments > Law
Date Deposited: 10 Oct 2014 08:23
Last Modified: 20 May 2019 01:34
URI: http://eprints.lse.ac.uk/id/eprint/59682

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