Die Anpassung der EU-Richtlinie über Märkte für Finanzinstrumente (MiFID II) und die Einführung einer begleitenden Verordnung (MiFIR) im Jahr 2014 werden erhebliche Auswirkungen auf die Finanzmärkte in Europa haben und zu einer grundlegenden Neuordnung der Finanzmarktstrukturen führen....

This article describes the results of the study quot;MiFID - The perspective of European execution venuesquot;, which was conducted among 33 European execution venues in the third quarter of 2007. The study assesses the status quo of the implementation of the Markets in Financial Instruments...

Innovative auction design has to consider both the outcome of market processes in terms of market quality and the business models of market participants. Recent competition for, and cost pressure in acquiring retail order flow has changed the role of market access intermediaries, i.e. banks or...

In recent years the landscape of trading venues has been transformed by technological advances. New trading concepts and infrastructures along the securities trading value chain have been established. With RegNMS (Regulation National Market System) in the US and MiFID (Markets in Financial...

Electronic order book trading has evolved as best-of-breed for trading small and mid sized orders. Yet, this mechanism does not properly address the needs of large sized orders which tend to execute off order book in over-the-counter markets. Order book trading provides for public price...

In recent years the landscape of trading venues has been transformed by technological advances. New trading concepts and infrastructures along the securities trading value chain have been established. With RegNMS ( Regulation National Market System ) in the US and MiFID (Markets in Financial...

Technological changes in securities trading systems over the past decades not only changed the traditional business model in Europe and the U.S., but also put questions to the existing regulatory framework at both sides of the Atlantic. Heterogeneous customer demands for different vectors of...

The securities trading industry in Europe is facing one of the most far reaching changes ever. The application of the Markets in Financial Instruments Directive2 (MIFID) by market participants in the 25 EU member states is scheduled for November 1st, 2007 and requires Investment Firms and...

This article describes the results of the study quot;MiFID - The perspective of European execution venuesquot;, which was conducted among 33 European execution venues in the third quarter of 2007. The study assesses the status quo of the implementation of the Markets in Financial Instruments...

With RegNMS in the US and MiFID in the EU, regulators respond to recent years’ changes in trading concepts and infrastructures. Both try to catch up with technological advances and intend to create a level playing field between the different types of trading venues and a harmonisation in...