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Qualità della negoziazione e tutela dell'investitore

Author

Listed:
  • Mario Anolli
  • Giovanni Petrella

Abstract

MiFID regulation aims at protecting investors and promoting competition across securities markets in the European Union. The measurement of trade execution quality is crucial to achieve such goals. Traders will direct order flow towards more efficient venues only if compare trade execution quality across markets based on methodologically sound execution quality metrics. We discuss the concept of best execution as ruled by MiFID and present two frameworks to estimate trade execution quality: price benchmark and econometric transaction cost estimation methods. No execution quality metric is preferable in every market condition and for every trader. We thus provide some clues to appropriately choose execution quality measures.

Suggested Citation

  • Mario Anolli & Giovanni Petrella, 2008. "Qualità della negoziazione e tutela dell'investitore," Rivista di Politica Economica, SIPI Spa, vol. 98(1), pages 295-353, January-F.
    • Handle: RePEc:rpo:ripoec:v:98:y:2008:i:1:p:295-353
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    References listed on IDEAS

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