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Reforming securities and derivatives trading in the EU: from EMIR to MiFIR

Author

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  • Ferrarini, Guido
  • Saguato, Paolo

Abstract

The financial crisis has generated a deep revision of the regulation of securities and derivatives markets. In this paper, we critically examine the extent to which current reforms, such as the European Market Infrastructure Regulation and the proposed new Markets in Financial Instruments Directive and Regulation, will expand "public" securities and derivatives markets, while correspondingly reducing the scope of "private" markets (which broadly coincide with the "unregulated" over-the-counter markets). We also ask whether these reforms will on the whole reduce systemic risks and transaction costs of securities and derivatives trading in Europe. For these purposes, we formulate conjectures that are partly based on the experience of past reforms in the area of equity trading.

Suggested Citation

  • Ferrarini, Guido & Saguato, Paolo, 2013. "Reforming securities and derivatives trading in the EU: from EMIR to MiFIR," LSE Research Online Documents on Economics 59682, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:59682
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    File URL: http://eprints.lse.ac.uk/59682/
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    Cited by:

    1. Friesz, Melinda & Váradi, Kata, 2023. "Your skin or mine: Ensuring the viability of a central counterparty," Emerging Markets Review, Elsevier, vol. 57(C).

    More about this item

    Keywords

    financial markets; securities trading; derivatives; European securities regulation; European derivatives regulation; Markets in Financial Instruments Directive (MiFID); European Market Infrastructure Regulation (EMIR); public markets; private markets; central clearing house; trade repository;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • K20 - Law and Economics - - Regulation and Business Law - - - General
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation

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