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

Guido Ferrarini and Paolo Saguato

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

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.

Keywords: financial markets; securities trading; derivatives; European securities regulation; European derivatives regulation; Markets in Financial Instruments Directive (MiFID); European Market Infrastructure Regulation (EMIR); public markets; private markets; central clearing house; trade repository (search for similar items in EconPapers)
JEL-codes: G20 G28 K20 K22 L51 (search for similar items in EconPapers)
Date: 2013-10
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Citations: View citations in EconPapers (1)

Published in Journal of Corporate Law Studies, October, 2013, 13(2), pp. 319-359. ISSN: 1473-5970

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