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) 2021/19.III.2:19.III.2 Market structure
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/19.III.2
19.III.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:ADS266629:1
- Vakgebied(en)
Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht
Deze functie is alleen te gebruiken als je bent ingelogd.
The second and related factor that explains why EU equity pre- and post-trade transparency regulation increased from the ISD to MiFID II is the market structure. ‘Related’, because market philosophies – as apparent in (a lack of) regulation – have been a main driver of the structure of a market. The research distinguishes four elements of a market structure, namely: (a) the market microstructure; (b) the amount of concentration (or fragmentation) (market macrostructure); (c) specifics of the financial instruments; and (d) the preferences of market participants. The main conclusions are the following.
19.III.2.1 Market microstructure19.III.2.2 Amount of concentration19.III.2.3 Specifics of financial instruments19.III.2.4 Preferences of market participants