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La stratégie des banques face aux marchés dans le contexte nouveau de la MIFID : Entretien avec Dominique Hoenn

Author

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  • Dominique Hoenn
  • Gilles Vaysset

Abstract

[fre] La directive européenne sur les marchés d’instruments financiers (MIFID) instaure une nouvelle organisation des marchés, dans laquelle les banques intervenantes doivent trouver leur place. Cette directive met en effet en concurrence trois lieux d’exécution des ordres : outre les marchés réglementés, les ordres peuvent dorénavant se dénouer également soit à travers des plates-formes de négociation (MTF ou SMN), soit directement au sein des carnets d’ordre des banques prestataires de services d’investissement. Dans ce nouvel environnement réglementaire, de nombreuses questions se posent sur le positionnement des principaux acteurs de marchés, parmi lesquels les grandes banques. . Classification JEL : F36, G10, G18, G21 [eng] The strategy of banks in response to markets under the new MIFID framework . The European Markets in Financial Instruments Directive (MIFID) institutes a reorganized market in which participating banks must find their place. This directive fosters competition among three trading venues : in addition to regulated markets, orders can henceforth be placed either using various trading platforms (Multilateral Trading Facilities), or posted directly in the books of the banks providing investment services. In this new regulatory environment, several questions can be raised regarding the positioning of the principal market participants, including major banks. . JEL classification : F36, G10, G18, G21

Suggested Citation

  • Dominique Hoenn & Gilles Vaysset, 2008. "La stratégie des banques face aux marchés dans le contexte nouveau de la MIFID : Entretien avec Dominique Hoenn," Revue d'Économie Financière, Programme National Persée, vol. 92(2), pages 121-128.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2008_num_92_2_5084
    DOI: 10.3406/ecofi.2008.5084
    Note: DOI:10.3406/ecofi.2008.5084
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    JEL classification:

    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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