Author: Peter-Jan Engelen Publisher: ISBN: Category : Business & Economics Languages : en Pages : 200
Book Description
Over the last decade, the securities industry has been revolutionized. Technological and market innovations urged regulators to respond by updating the rules on securities trading. While in the US, traditional stock exchanges were under attack from electronic trading systems (ECNs), the European Union wanted to increase competition by abolishing the monopoly of traditional exchanges and by allowing systemic internalization by banks. The first part of this book focuses on the front-office of securities trading. It discusses the impact of alternative trading systems (ATSs), the regulatory response through the Markets in Financial Instruments Directive (MiFID) and the Regulation National Market System (RegNMS), the appearance of multilateral trading facilities (MTFs), and the use of dark pools. Although the trading practice has been adjusted to the new challenges, the back-office did not follow in a similar way. The European clearing and settlement industry has been fragmented for many years. Since MiFID allows trading venues to choose the route for clearing and settlement, the need for adjustments down the trading chain is urgent. The book discusses the competition and externalities of this network industry, cross-border central securities depositories (CSDs), systemic risk and central counterparty (CCP), the market consolidation process (Link-Up Markets), as well as the initiative of the Europese Centrale Bank by launching the TARGET 2 Securities (T2S) project. The book is for practitioners, executive and market professionals from the banking and securities industry, as well as academics who want to update their insights and knowledge about the profound changes in securities trading, clearing, and settlement in Europe. Readers will find state-of-the-art discussions about MiFID, T2S, and so on.
Author: Jack Revell Publisher: Springer ISBN: 134923141X Category : Business & Economics Languages : en Pages : 320
Book Description
Many of the problems that have been brewing in the West European banking industry have come to the boil in the years since 1990. The essays collected in this volume focus in particular on competition, organisation and strategy, regulation and crises, and securities markets and financial centres.
Author: Dermot Turing Publisher: Bloomsbury Publishing ISBN: 1526514974 Category : Law Languages : en Pages : 900
Book Description
The post-trading industry is one in which financial firms make money and one in which risk issues need careful management. Reliable payment, clearing and settlement structures are perceived to be essential to enable financial firms to withstand shocks. A great deal of the cost of trading and cross-border investment is attributed to the very complex process of clearing and settlement. This book describes and explains: 1. what happens in clearing and settlement, and the roles of (and risks assumed by) the various participants in the post-trade marketplace 2. the law applicable to infrastructures, how they are are regulated, and the other topographical features of their legal landscape 3. the legal and practical aspects of risk management and operations of infrastructures 4. the risks faced by participants in payment, clearing and settlement systems - the agent banks - along with practical and operational issues which they face in their roles. Fully revised, updates for the 3rd edition include: - Implications and impact of Brexit - CPMI and IOSCO paper on central counterparty default (CCP) management auctions - cyber-security and the resilience of financial market infrastructures (FMIs) and the wider market ecosystem.
Author: Niamh Moloney Publisher: Oxford University Press ISBN: 0192583417 Category : Law Languages : en Pages : 993
Book Description
Over the decade or so since the global financial crisis rocked EU financial markets and led to wide-ranging reforms, EU securities and financial markets regulation has continued to evolve. The legislative framework has been refined and administrative rulemaking has expanded. Alongside, the Capital Markets Union agenda has developed, the UK has left the EU, and ESMA has emerged as a decisive influence on EU financial markets governance. All these developments, as well as the Covid-19 pandemic, have shaped the regulatory landscape and how supervision is organized. EU Securities and Financial Markets Regulation provides a comprehensive, critical, and contextual account of the intricate rulebook that governs EU financial markets and its supporting institutional arrangements. It is framed by an assessment of how the regime has evolved over the decade or so since the global financial crisis and considers, among other matters, the post-crisis reforms to key legislative measures, the massive expansion of administrative rulemaking and of soft law, the Capital Markets Union agenda, the development of supervisory convergence as the means for organizing pan-EU supervision, and ESMA's role in EU financial markets governance. Its coverage extends from capital-raising and the Prospectus Regulation to financial market intermediation and the MiFID II/MiFIR and IFD/IFR regimes, to the new regulatory regimes adopted since the global financial crisis (including for benchmarks and their administrators), to retail market regulation and the PRIIPs Regulation, and on to the EU's third country regime and the implications of the UK's departure from the EU. This is the fourth edition of the highly successful and authoritative monograph first published as EC Securities Regulation. Heavily revised from the third edition to reflect developments since the global financial crisis, it adopts the in-depth contextual and analytical approach of earlier editions and so considers the market, political, institutional, and international context of the regulatory and supervisory regime.
Author: T. Lindblom Publisher: Springer ISBN: 113741359X Category : Business & Economics Languages : en Pages : 409
Book Description
This book analyses how the financial system adjusts to institutional changes such as new technology, political tendencies, cultural differences, new business models, and government interactions. It emphasises how different institutional settings affect firms' borrowing and increases our understanding of how efficient financial markets are formed.
Author: Markus Gsell Publisher: Columbia University Press ISBN: 3838261143 Category : Business & Economics Languages : en Pages : 227
Book Description
Technological innovations are altering the traditional value chain in securities trading. Hitherto the order handling, i.e. the appropriate implementation of a general trading decision into particular orders, has been a core competence of brokers. Labeled as Algorithmic Trading, the automation of this task recently found its way both into the brokers' portfolio of service offerings as well as to their customers' trading desks. The software performing the order handling thereby constantly monitors the market(s) in real-time and further evaluates historical data to dynamically determine appropriate points in time for trading. Within only a few years, this technology propagated itself among market participants along the entire value chain and has nowadays gained a significant market share on securities markets worldwide. Surprisingly, there has been only little research analyzing the impact of this special type of trading on markets. Markus Gsell's book aims at closing this gap by analyzing the drivers for adoption of this technology, the impact the application of this technology has on markets on a macro level, i.e. how the market outcome is affected, as well as on a micro level, i.e. how the exhibited trading behavior of these automated traders differs from normal traders' behavior.
Author: Larry Harris Publisher: OUP USA ISBN: 019977272X Category : Business & Economics Languages : en Pages : 401
Book Description
Regulated Exchanges is a volume of essays on the historical contribution of exchanges to the world's economic growth, milestones in the history of exchanges, and the competitive landscape and future prospects of regulated exchanges.
Author: Peter-Jan Engelen
Author: Jack Revell
Author: Karel Lannoo
Author: Dermot Turing
Author: Group of Ten. Committee on Payment and Settlement Systems
Author: Niamh Moloney
Author: T. Lindblom
Author: Markus Gsell
Author: Larry Harris
Author: Hubert Grignon Dumoulin