Reforming Securities and Derivatives Trading in the EU: From EMIR to MIFIR

13(2) Journal of Corporate Law Studies 319 (2013)

42 Pages Posted: 19 Jul 2016 Last revised: 7 Jan 2021

See all articles by Paolo Saguato

Paolo Saguato

George Mason University, Antonin Scalia Law School; Genoa Centre for Law and Finance

Guido Ferrarini

University of Genoa - Law Department and Centre for Law and Finance; European Corporate Governance Institute (ECGI); EUSFIL Jean Monnet Center of Excellence on Sustainable Finance and Law

Date Written: July 14, 2016

Abstract

The financial crisis has generated a deep revision of the regulation of securities and derivatives markets. This article critically examines the extent to which the current financial reforms introduced by the European Market Infrastructure Regulation (EMIR) and the Markets in Financial Instruments Directive (MiFID 2) and Regulation (MiFIR) expand “public” securities and derivatives markets, while correspondingly reduce the scope of “private” OTC markets. The article also assesses the effects of the reforms in mitigating systemic risks and transaction costs in trading securities and derivatives in Europe.

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

JEL Classification: G20, G28, K20, K22, L51

Suggested Citation

Saguato, Paolo and Ferrarini, Guido, Reforming Securities and Derivatives Trading in the EU: From EMIR to MIFIR (July 14, 2016). 13(2) Journal of Corporate Law Studies 319 (2013) , Available at SSRN: https://ssrn.com/abstract=2809752

Paolo Saguato (Contact Author)

George Mason University, Antonin Scalia Law School ( email )

3301 Fairfax Drive
Arlington, VA 22201
United States
703-993-8278 (Phone)

HOME PAGE: http://https://www.law.gmu.edu/faculty/directory/fulltime/saguato_paolo

Genoa Centre for Law and Finance ( email )

Via Balbi 22
Genoa, Genoa 16100
Italy

HOME PAGE: http://www.clfge.org/

Guido Ferrarini

University of Genoa - Law Department and Centre for Law and Finance ( email )

Via Balbi, 22
16126 Genova, 16100
Italy
+39 010 209 9894 (Phone)
+39 010 209 9890 (Fax)

HOME PAGE: http://www.clfge.org

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

HOME PAGE: http://www.ecgi.org

EUSFIL Jean Monnet Center of Excellence on Sustainable Finance and Law

Italy

HOME PAGE: http://www.eusfil.eu

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