The MiFID metamorphosis: A new paradigm for market structure

Karel Lannoo and Diego Valiante

Journal of Securities Operations & Custody, 2011, vol. 3, issue 4, 317-332

Abstract: Assessing the Markets in Financial Instruments Directive (MiFID), adopted in April 2004 and implemented at Member State level by the end of 2007, this paper finds that the legislation has been remarkably successful in terms of improving market structure and efficiency. In the authors’ view, the upcoming MiFID review should therefore take a ‘light touch’, clarifying some definitions and extending the transparency regime to non-equity markets. They argue that easier and cheaper access to consolidated data solutions will also allow end-users to fully participate in the changes brought about by MiFID, ultimately restoring investors’ trust and pushing more liquidity in equity markets. The start of the European Security and Markets Authority (ESMA) then should allow for better enforcement of the conduct of business rules. The report aims at assessing the state of European equity markets after the introduction of MiFID, merging fundamental changes in securities regulation with insights of economic theory, competition policy and European po­licies.

Keywords: capital markets; securities regulation; MiFID; best execution; market structure; data consolidation; trading venues (search for similar items in EconPapers)
JEL-codes: E5 G2 K22 (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jsoc00:y:2011:v:3:i:4:p:317-332

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