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Investor Protection in EuropeCorporate Law Making, The MiFID and Beyond$
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Guido Ferrarini and Eddy Wymeersch

Print publication date: 2006

Print ISBN-13: 9780199202911

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780199202911.001.0001

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The MiFID: Competition in a New European Equity Market Regulatory Structure

The MiFID: Competition in a New European Equity Market Regulatory Structure

(p.163) 6 The MiFID: Competition in a New European Equity Market Regulatory Structure
Investor Protection in Europe

Ryan Davies

Alfonso Dufour

Brian Scott-Quinn

Oxford University Press

In 2004, the European Council and Parliament adopted a new Directive on Markets in Financial Instruments (MiFID). The implementation of the Directive in EU Member States is still ongoing. This chapter provides a framework for understanding some of the main features of this new regulatory structure. It summarizes the economics of fragmentation and internalisation — issues that have been at the forefront of discussion throughout the MiFID consultation, approval and implementation process. It also provides lessons from the US regulatory experience, with a special focus on US trade reporting rules. The chapter highlights relevant features of the largest European equity markets, describes the main features of the MiFID, and provides recommendations on its implementation.

Keywords:   capital markets, fragmentation, orders internalisation, stock exchanges, Display Rule, Quote Rule, trading, best execution

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