The structures of trading venues operating in Europe are examined, and trade data are analysed to determine the transparency of equity markets and the relationship between transparency and market quality. Policy measures under MiFID should support transparent trading structures and provide greater consistency in the application of transparency rules within the regulatory framework.
- Association for Financial Markets in Europe, Association of Private Client Investment Managers and Stockbrokers, Futures and Options Association, and International Swaps and Derivatives Association 2010 The MiFID Review: A Briefing for the European Commission and CESR on Key Themes in Preparation for Consultations on the MiFID Review March
- Buti, S., B. Rindi, and I. Werner 2010 Diving into Dark Pools Fisher College of Business Working Paper Series, WP Vol. 2010 No. 10 June
- CFA Institute 2010 Comment Letter to CESR on Micro-Structural Issues of the European Equity Markets. April
- CFA Institute 2010 Comment Letter to CESR Regarding Review of Equity Markets under MiFID June
- CFA Institute 2010 Letter to U.S. SEC on Sub-Penny Trading on Regulated Exchanges January
- Chi-X Europe Ltd 2010 Chi-X Europe Exchange Guide
- Comerton-Forde, C., and J. Rydge 2004 A Review of Stock Market Microstructure. Working paper April
- CFA Institute 2009 Market Microstructure: The Impact of Fragmentation under the Markets in Financial Instruments Directive, December
- Chordia, T., R. Roll, and A. Subrahmanyam 2000 Co-Movements in Bid–Ask Spreads and Market Depth Financial Analysts Journal Vol. 56 No. 5 September/October 5
- Committee of European Securities Regulators 2009 Impact of MiFID on Equity Secondary Markets Functioning June
- Committee of European Securities Regulators 2010 Consultation Paper—CESR Technical Advice to the European Commission in the Context of the MiFID Review: Equity Markets, July
- Committee of European Securities Regulators 2010 Technical Advice to the European Commission in the Context of the MiFID Review and Responses to the European Commission Request for Additional Information July
- European Commission 2006 Commission Directive 2006/73/EC of 10 August 2006 Implementing Directive 2004/39/EC of the European Parliament and of the Council as Regards Organisational Requirements and Operating Conditions for Investment Firms and Defined Terms for the Purposes of That Directive,
- European Commission 2006 Commission Regulation (EC) No 1287/2006 of 10 August 2006
- European Parliament and Council 2004 Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on Markets in Financial Instruments Amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and Repealing Council Directive 93/22/EEC
- Federation of European Securities Exchanges 2010 FESE Position on Dark Pools and Broker Crossing Networks February
- Federation of European Securities Exchanges 2010 Response to CESR Technical Advice to the European Commission in the Context of the MiFID Review—Equity Markets CESR/10‐394 June
- Gomber, P., and A. Pierron 2010 MiFID: Spirit and Reality of a European Financial Markets Directive September Celent and Goethe Universität
- Hasbrouck, Joel 2007 Empirical Market Microstructure: The Institutions, Economics, and Econometrics of Securities Trading New York Oxford University Press
- Hendershott, T., and C. Jones 2005 Island Goes Dark: Transparency, Fragmentation, Liquidity Externalities, and Multimarket Regulation Review of Financial Studies Vol. 3 18 51
- Lannoo, K., and D. Valiante 2010 The MiFID Metamorphosis ECMI Policy Brief Vol. 16 October 10
- London Economics 2010 Understanding the Impact of MiFID in the Context of Global and National Regulatory Innovations Report Prepared for the City of London Corporation October
- London Stock Exchange Group 2010 LSEG Response to CESR MiFID Consultation Paper 10-394 – Equity Markets May
- London Stock Exchange Group 2010 Rules of the London Stock Exchange October
- Madhavan, A., D. Porter, and D. Weaver 2005 Should Securities Markets Be Transparent? Journal of Financial Markets Vol. 3 August 8 23
- Ministère de l’Économie, des Finances et de l’Industrie 2010 Rapport au Ministre de l’Économie, de l’Industrie et de l’Emploi sur la révision de la directive sur les Marchés d’Instruments Financiers (MIF) February
- Nomura 2009 Nomura NX User Guide December
- NYSE Euronext 2010 Euronext Rulebook August
- NYSE Euronext 2010 SmartPool Rulebook May
- Swinburne, Kay 2010 Draft Report on Regulation of Trading in Financial Instruments—‘Dark Pools’ Etc." European Parliament, Committee on Economic and Monetary Affairs July
- Turquoise 2010 Turquoise Rulebook, Version 3 September London Stock Exchange Group
- United States Securities and Exchange Commission 2010 Concept Release on Equity Market Structure 17 CFR, Part 242. Release no. 34-61358, file no. S7-02-10. RIN 3235-AK47
- Weaver, Daniel G. 2010 Off-Exchange Reporting and Market Quality in a Fragmented Market Structure Rutgers Business School Working Paper Series
Related
Publisher Information
CFA Institute 46 pages doi.org/10.2469/ccb.v2011.n3.1 ISSN/ISBN: 978-0-938367-38-3