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

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  • 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
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    References listed on IDEAS

    as
    1. Coriat, Benjamin, 2008. "L’installation de la Finance en France," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 3.
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    3. 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.
    4. Zaloom, Caitlin, 2006. "Out of the Pits," University of Chicago Press Economics Books, University of Chicago Press, number 9780226978130, Febrero.
    5. 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.
    6. Lenglet, Marc, 2008. "Déontologue de marché : de la pratique des institutions à l'institutionnalisation des pratiques," Economics Thesis from University Paris Dauphine, Paris Dauphine University, number 123456789/103 edited by Huault, Isabelle.
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    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

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