IDEAS home Printed from https://ideas.repec.org/a/rvr/journl/201310385.html
   My bibliography  Save this article

Les conséquences inattendues de la régulation financière : pourquoi les algorithmes génèrent-ils de nouveaux risques sur les marchés financiers ?

Author

Listed:
  • Lenglet, Marc
  • Riva, Angelo

Abstract

Depuis son entrée en vigueur le 1er novembre 2007, la directive sur les marchés d’instruments financiers (MiF) a bouleversé le paysage institutionnel et l’organisation des marchés financiers en Europe. Dans cet article, nous montrons pourquoi la nouvelle réglementation a accéléré le déploiement et l’utilisation des algorithmes de trading sur les marchés financiers européens. Nous mettons ainsi en exergue le paradoxe lié à cette nouvelle vague d’innovation réglementaire et technologique, qui a fait émerger de nouveaux risques là où les émetteurs et les investisseurs auraient dû trouver davantage de transparence et de sécurité.

Suggested Citation

  • Lenglet, Marc & Riva, Angelo, 2013. "Les conséquences inattendues de la régulation financière : pourquoi les algorithmes génèrent-ils de nouveaux risques sur les marchés financiers ?," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 14.
    • Handle: RePEc:rvr:journl:2013:10385
    as

    Download full text from publisher

    File URL: http://regulation.revues.org/10385
    Download Restriction: no
    File URL: http://regulation.revues.org/pdf/10385
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Coriat, Benjamin & Boyer, Robert, 2008. "Dossier « Normes et Institutions de la Finance »," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 3.
    2. Zaloom, Caitlin, 2006. "Out of the Pits," University of Chicago Press Economics Books, University of Chicago Press, number 9780226978130, Febrero.
    3. Olivier Godechot, 2011. "Le capital humainet les incitations sont-ils les deux mamelles des salaires dans la finance ?," Revue d'économie financière, Association d'économie financière, vol. 0(4), pages 145-164.
    4. Guttmann, Robert, 2008. "A Primer on Finance-Led Capitalism and Its Crisis," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 3.
    5. Coriat, Benjamin, 2008. "L’installation de la Finance en France," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 3.
    6. repec:dau:papers:123456789/11664 is not listed on IDEAS
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. repec:spo:wpmain:info:hdl:2441/4ff88coju39nk8b11b5ghfc1ff is not listed on IDEAS
    2. Olivier Godechot, 2019. "Conclusion: What finance manufactures," Post-Print hal-03393812, HAL.
    3. repec:hal:spmain:info:hdl:2441/4ff88coju39nk8b11b5ghfc1ff is not listed on IDEAS
    4. Colin Jerolmack & Alexandra K. Murphy, 2019. "The Ethical Dilemmas and Social Scientific Trade-offs of Masking in Ethnography," Sociological Methods & Research, , vol. 48(4), pages 801-827, November.
    5. Desiree Fields, 2022. "Automated landlord: Digital technologies and post-crisis financial accumulation," Environment and Planning A, , vol. 54(1), pages 160-181, February.
    6. Matthew Zook & Michael H Grote, 2017. "The microgeographies of global finance: High-frequency trading and the construction of information inequality," Environment and Planning A, , vol. 49(1), pages 121-140, January.
    7. Horacio Ortiz, 2012. "Anthropology – of the Financial Crisis," Chapters, in: James G. Carrier (ed.), A Handbook of Economic Anthropology, Second Edition, chapter 35, Edward Elgar Publishing.
    8. Annina Kaltenbrunner & Juan Pablo Painceira, 2016. "International and Domestic Financialisation in Middle Income Countries; The Brazilian Experience," Working papers wpaper146, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    9. Bresser-Pereira, Luiz Carlos, 2010. "The global financial crisis, neoclassical economics, and the neoliberal years of capitalism," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 7.
    10. Robert Guttmann, 2015. "The heterodox notion of structural crisis," Review of Keynesian Economics, Edward Elgar Publishing, vol. 3(2), pages 194-212, April.
    11. Kalman Applbaum, 2012. "Markets: Places, Principles and Integrations," Chapters, in: James G. Carrier (ed.), A Handbook of Economic Anthropology, Second Edition, chapter 15, Edward Elgar Publishing.
    12. Martha Poon, 2009. "From New Deal institutions to capital markets: commercial consumer risk scores and the making of subprime mortgage finance," Post-Print halshs-00359712, HAL.
    13. Carlo Massironi & Marco Guicciardi, 2011. "Investment decision making from a constructivist perspective," Qualitative Research in Financial Markets, Emerald Group Publishing Limited, vol. 3(3), pages 158-176, October.
    14. Luiz Carlos Bresser-Pereira, 2010. "The global financial crisis and a new capitalism?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 32(4), pages 499-534, July.
    15. Stephan Schulmeister, 2009. "Die neue Weltwirtschaftskrise - Ursachen, Folgen, Gegenstrategien," Working Paper Reihe der AK Wien - Materialien zu Wirtschaft und Gesellschaft 106, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik.
    16. Carruthers, Bruce G., 2013. "Diverging derivatives: Law, governance and modern financial markets," Journal of Comparative Economics, Elsevier, vol. 41(2), pages 386-400.
    17. Araújo, Eliane & Bruno, Miguel & Pimentel, Débora, 2012. "Financialization against Industrialization: a regulationnist approach of the Brazilian Paradox," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 11.
    18. Luiz Carlos Bresser-Pereira, 2018. "Growth and distribution: a revised classical model," Brazilian Journal of Political Economy, Center of Political Economy, vol. 38(1), pages 3-27.
    19. Roberto Casarin & Niccolò Casnici & Pierpaolo Dondio & Flaminio Squazzoni, 2015. "Back to Basics! The Educational Gap of Online Investors and the Conundrum of Virtual Communities," Journal of Financial Management, Markets and Institutions, Società editrice il Mulino, issue 1, pages 51-69, June.
    20. Ortiz, Horacio, 2009. "Investors and efficient markets: The everyday imaginaries of investment management," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 11(1), pages 34-40.
    21. Bresser-Pereira, Luiz Carlos, 2017. "Secular stagnation in the framework of rentier-financier capitalism and globalization," Textos para discussão 463, FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil).
    22. Daniel Souleles, 2017. "Don't mix Paxil, Viagra, and Xanax: What financiers' jokes say about inequality," Economic Anthropology, Wiley Blackwell, vol. 4(1), pages 107-119, January.

    More about this item

    Keywords

    compétition; MiF; organisation des marchés; régulation; trading algorithmique; trading haute fréquence; algorithmic trading; competition; high frequency trading; market organization; MiFID; regulation; MIF; organización de los mercado; regulación; trading; algoritmos; trading de alta frecuencia;
    All these keywords.

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • H41 - Public Economics - - Publicly Provided Goods - - - Public Goods
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • K23 - Law and Economics - - Regulation and Business Law - - - Regulated Industries and Administrative Law
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:rvr:journl:2013:10385. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Pascal Seppecher (email available below). General contact details of provider: https://theorie-regulation.org/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.