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L’impact d’Internet sur l’intermédiation financière : les aspects de la régulation des services d’investissement

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  • Bruno Gizard

Abstract

[fre] Le régulateur français a observé que le courtage en ligne ne nécessitait pas une nouvelle approche des exigences réglementaires : les modalités des « règles de bonne conduite » que nécessitait ce mode spécifique de relation entre l'intermédiaire financier et son client devaient simplement être précisées. Tel a été l'objet de la réglementation adoptée en France. . À l'avenir, Internet ne servira pas seulement à émettre les ordres des investisseurs mais sera aussi utilisé comme moyen de confrontation des offres et des demandes. La rénovation de la Directive sur les services d'investissement devrait permettre le développement de « plates-formes multilatérales de négociation » : les ordres n'auront plus besoin d'être transmis sur un marché réglementé, mais seront exécutés par confrontation directe. Cerre étape supplémentaire requerra sans doute de nouvelles dispositions de la part des régulateurs. . Classification JEL : G28, 033 [eng] The impact of the Internet on financial intermediation : outlook for investment services regulation . The French Financial Market Regulator, the Conseil des marchés financiers concluded that online broking did not require a radically new approach in terms of regulatory requirements. The CMF believed it is just necessary to spell out the special « conduct of business rules » needed to take account of this particular way of conducting a relationship between financial intermediaries and their clients. Such was the aim of the regulations adopted in France. Going forward, it is likely that the Internet will be used not only for transmitting investors' orders but also for matching bids and offers. The revision of the Investment Services Directive will probably encourage the development of so-called multilateral trading facilities (MTFs). On an MTF, orders will be directly matched and executed, without having to be sent to a regulated market. This new development will doubtless oblige regulators to lay down new rules. . JEL classification : G28, 033

Suggested Citation

  • Bruno Gizard, 2002. "L’impact d’Internet sur l’intermédiation financière : les aspects de la régulation des services d’investissement," Revue d'Économie Financière, Programme National Persée, vol. 69(5), pages 215-225.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2002_num_69_5_4807
    DOI: 10.3406/ecofi.2002.4807
    Note: DOI:10.3406/ecofi.2002.4807
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    JEL classification:

    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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