Market Infrastructure and Transparency Obligations
The chapter discusses the wide and complex regulatory framework regarding pre- and post-trade transparency obligations, aimed at reducing information asymmetry and contributing to the overall ‘market infrastructure’. First, we provide an overview of the m
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The MiFID II Framework How the New Standards Are Reshaping the Investment Industry
The MiFID II Framework
Mario Comana Daniele Previtali Luca Bellardini •
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The MiFID II Framework How the New Standards Are Reshaping the Investment Industry
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Mario Comana Department of Business and Management LUISS Guido Carli University Rome, Italy
Daniele Previtali Department of Business and Management LUISS Guido Carli University Rome, Italy
Luca Bellardini Department of Management and Law University of Rome “Tor Vergata” Rome, Italy
ISBN 978-3-030-12503-5 ISBN 978-3-030-12504-2 https://doi.org/10.1007/978-3-030-12504-2
(eBook)
Library of Congress Control Number: 2019930264 © Springer Nature Switzerland AG 2019 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Springer imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Contents
1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Why the Package? Financial Markets Before and After the Crisis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 A Brief Overview of Financial History Before the Global Financial Crisis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2 What Went Wrong: The Dissemination of Risks . . . . . . . 2.3 The Reaction of Authorities: Shaping a New Regulatory Framework . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4 Why Banks Got into Trouble . . . . . . . . . . . . . . . . . . . . . 2.5 Transparency and Intermediary-Client Relationships . . . . . 2.6 Issues Left Outstanding by MiFID I . . . . . . . . . . . . . . . . References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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