EU Equity pre- and post-trade transparency regulation: from ISD to MiFID II
Einde inhoudsopgave
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/18.III.2:18.III.2 Factor 2: Market structure
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/18.III.2
18.III.2 Factor 2: Market structure
Documentgegevens:
mr. J.E.C. Gulyás, datum 01-02-2021
- Datum
01-02-2021
- Auteur
mr. J.E.C. Gulyás
- JCDI
JCDI:ADS266514:1
- Vakgebied(en)
Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht
Toon alle voetnoten
Voetnoten
Voetnoten
See L. Harris, Trading and Exchanges: Market Microstructure for Practitioners, Oxford University Press, 2002, p. 89.
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A second and related factor that determines the perception of the ‘optimal degree of equity transparency’, as well as how to achieve it (top-down, bottom-up or hybrid), is the market structure. A market structure refers to the trading rules and trading systems used by a market.1 Main elements of a market structure include: (a) the market microstructure; (b) the amount of concentrated versus fragmented trading; (c) the financial instruments in question; and (d) the preferences of market participants.
18.III.2.1 Market microstructure18.III.2.2 Concentrated versus fragmented markets18.III.2.3 Financial instruments18.III.2.4 Preferences of market participants18.III.2.5 Interim conclusion