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
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: Suggested Citation