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Catching Up with Technology - The Impact of Regulatory Changes on ECNs/MTFs and the Trading Venue Landscape in Europe

Author

Listed:
  • P. Gomber
  • M. Gsell

Abstract

With RegNMS in the US and MiFID in the EU, regulators respond to recent years’ changes in trading concepts and infrastructures. Both try to catch up with technological advances and intend to create a level playing field between the different types of trading venues and a harmonisation in the order execution process. The paper illustrates and analyses the regulatory environments and the impact of their upcoming changes on ECNs and MTFs with a specific focus on Europe. Scenarios will be developed on how the regulatory overhauls will alter the competitive landscape between Regulated Markets, ECNs/MTFs and order flow internalising entities.

Suggested Citation

  • P. Gomber & M. Gsell, 2006. "Catching Up with Technology - The Impact of Regulatory Changes on ECNs/MTFs and the Trading Venue Landscape in Europe," Competition and Regulation in Network Industries, Intersentia, vol. 7(4), pages 535-558, December.
    • Handle: RePEc:sen:journl:v:7:i:4:y:2006:p:535-558
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    Citations

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    Cited by:

    1. Buckle, Mike & Chen, Jing & Guo, Qian & Li, Xiaoxi, 2023. "Does smile help detect the UK's price leadership change after MiFID?," International Review of Economics & Finance, Elsevier, vol. 84(C), pages 756-769.
    2. Roman Asyngier, 2013. "Newconnect in Comparison With Multilateral Trading Facilities in Europe: Irregularities in the Functioning of the Polish MTF Market," Diversity, Technology, and Innovation for Operational Competitiveness: Proceedings of the 2013 International Conference on Technology Innovation and Industrial Management,, ToKnowPress.
    3. Dejan Eric & Ivan Stosic, 2012. "Development of European Financial System: Challenges for the Balkan Countries Integration Process," Book Chapters, in: Paulino Teixeira & António Portugal Duarte & Srdjan Redzepagic & Dejan Eric (ed.), European Integration Process in Western Balkan Countries, edition 1, volume 1, chapter 6, pages 114-143, Institute of Economic Sciences.
    4. Degryse, H.A. & de Jong, F.C.J.M. & van Kervel, V.L., 2011. "The Impact of Dark and Visible Fragmentation on Market Quality (Replaces CentER Discussion Paper 2011-051)," Discussion Paper 2011-069, Tilburg University, Center for Economic Research.
    5. Gomber, Peter & Gsell, Markus, 2009. "Algorithmic trading engines versus human traders: Do they behave different in securities markets?," CFS Working Paper Series 2009/10, Center for Financial Studies (CFS).
    6. Hans Degryse & Frank de Jong & Vincent van Kervel, 2015. "The Impact of Dark Trading and Visible Fragmentation on Market Quality," Review of Finance, European Finance Association, vol. 19(4), pages 1587-1622.
    7. Cantillon, Estelle & Yin, Pai-Ling, 2011. "Competition between exchanges: A research agenda," International Journal of Industrial Organization, Elsevier, vol. 29(3), pages 329-336, May.
    8. Peter Gomber & Martin Haferkorn, 2013. "High-Frequency-Trading," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 5(2), pages 97-99, April.
    9. Hans Degryse, 2009. "Competition between financial markets in Europe: what can be expected from MiFID?," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 23(1), pages 93-103, March.
    10. Alfonso Giudice, 2017. "Impact of the Market in Financial Instruments Directive (MiFID) on the Italian financial market: Evidence from bank bonds," Journal of Banking Regulation, Palgrave Macmillan, vol. 18(3), pages 256-267, July.
    11. Degryse, H.A. & de Jong, F.C.J.M. & van Kervel, V.L., 2011. "The Impact of Dark and Visible Fragmentation on Market Quality (Replaces EBC Discussion Paper 2011-013)," Other publications TiSEM 3ff46941-c3ff-4ba4-9a5b-d, Tilburg University, School of Economics and Management.
    12. Clapham, Benjamin & Gomber, Peter & Panz, Sven, 2017. "Coordination of circuit breakers? Volume migration and volatility spillover in fagmented markets," SAFE Working Paper Series 196, Leibniz Institute for Financial Research SAFE.
    13. van Kervel, V.L., 2013. "Competition between stock exchanges and optimal trading," Other publications TiSEM 5c608a0f-527d-441d-a910-e, Tilburg University, School of Economics and Management.

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