Transparence et microstructure des marchés: une revue de littérature

Christophe Majois

Finance, 2008, vol. 29, issue 2, 5-56

Abstract: This article offers an extensive review of the market microstructure literature dealing with the issue of transparency on financial markets. We survey the theoretical, empirical and experimental contributions on both pre-trade and post-trade transparency. One section is devoted to transparency on fixed-income markets. It appears that a minimum level of transparency is necessary for the well-functioning of financial markets, but also that a certain degree of opacity may benefit market efficiency and liquidity. Those results of the literature are used to assess MiFID rules regarding transparency.

Date: 2008
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