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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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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
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    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.
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    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. 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.
    5. 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.
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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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