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...

We study the introduction of single-market liquidity provider incentives in fragmented securities markets. Specifically, we investigate whether fee rebates for liquidity providers enhance liquidity on the introducing market and thereby increase its competitiveness and market share. Further, we...

On 3 May 2005, the Committee of European Securities Regulators (CESR) has presented the second part of its final advice on implementing measures of the EC Directive for Markets in Financial Instruments (MiFID). Against the background of the abstract framework of the Directive, the advice defines...

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...

Regulation of European financial markets has been changing tremendously since the late 90s. The Financial Service Action Plan (FSAP), set up in 1999 by the European Commission, contains 42 projects each focussing on the integration and harmonisation of the European market for financial services...

Regulation of European financial markets has been changing tremendously since the late 90s. The 'Financial Service Action Plan' (FSAP), set up in 1999 by the European Commission, contains 42 projects each focussing on the integration and harmonisation of the European market for financial...