The Markets in Financial Instruments Directive (MiFID), successor of the 1993 Investment Services Directive, is the new regulatory framework for securities services and securities trading in the European Economic Area (EEA) and will have to be applied by Regulated Markets and Investment Firms...

Stock markets in the Gulf Region have experienced a significant growth in the recent past. Market performance, trading activity and market capitalization have increased by nearly triple digits annually.This development implicates two effects: on the one hand financial markets gain more...

High-frequency trading (HFT) has recently drawn massive public attention fuelled by the U.S. May 6, 2010 flash crash and the tremendous increases in trading volumes of HFT strategies. Indisputably, HFT is an important factor in markets that are driven by sophisticated technology on all layers of...

MiFID's key objectives are market efficiency, market integrity, and fairness. By defining a new trading venue classification (i.e., Regulated Markets, Multilateral Trading Facilities, and systematic internalisers) and by enabling these venues to compete on a level playing field in terms of fees,...

Since the May 6th, 2010 flash crash in the U.S., appropriate measures ensuring safe, fair and reliable markets become more relevant from the perspective of investors and regulators. Circuit breakers in various forms are already implemented for individual markets to ensure price continuity and...

In Europe, fragmentation of execution venues has been triggered by increasing competition among markets and a new regulatory environment set up by MiFID. Against this background, IT-based sophisticated order routing systems (Smart Order Routing systems) promise to assure efficiency despite...

Since the May 6th, 2010 flash crash in the U.S., appropriate measures ensuring safe, fair and reliable markets become more relevant from the perspective of investors and regulators. Circuit breakers in various forms are already implemented for individual markets to ensure price continuity and...

We study the pricing behavior of Systematic Internalisers (SIs), bilateral trading intermediaries that enable investment firms for explicit transaction cost savings and further price improvement opportunities as trading is executed outside traditional securities exchanges. Under the current...

The new financial market regulation MiFID II/MiFIR will fundamentally change the trading and market infrastructure landscape in Europe. One key aspect is the trading obligation for shares that intends to restrict over-the-counter (OTC) trading to ensure that more trading takes place on regulated...