Facing New Regulatory Frameworks in Securities Trading

Competition and Regulation in Network Industries, Vol. 1, No. 4, pp. 487-496, December 2006

Posted: 12 Jun 2008

See all articles by Peter-Jan Engelen

Peter-Jan Engelen

Utrecht University - School of Economics

Peter Gomber

Goethe University Frankfurt Faculty of Economics and Business Administration

Markus Gsell

Goethe University Frankfurt Faculty of Economics and Business Administration

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Abstract

Technological changes in securities trading systems over the past decades not only changed the traditional business model in Europe and the U.S., but also put questions to the existing regulatory framework at both sides of the Atlantic. Heterogeneous customer demands for different vectors of services give rise to customised trading platforms. Regulation which forces trading venues into categories with fixed bundles of services is not inline with customer demands and limits innovation in securities trading landscape.

Keywords: ATS, Securities Regulation, Functional Approach, Best Execution, MiFID

Suggested Citation

Engelen, Peter-Jan and Gomber, Peter and Gsell, Markus, Facing New Regulatory Frameworks in Securities Trading. Available at SSRN: https://ssrn.com/abstract=1144542

Peter-Jan Engelen

Utrecht University - School of Economics ( email )

Kriekenpitplein 21-22
Adam Smith Building
Utrecht, 3584 EC
Netherlands

Peter Gomber

Goethe University Frankfurt Faculty of Economics and Business Administration ( email )

Grueneburgplatz 1
Frankfurt am Main, 60323
Germany

HOME PAGE: http://www.efinancelab.de/no_cache/team/?user_wiwipubs_pi2[showUid]=478

Markus Gsell (Contact Author)

Goethe University Frankfurt Faculty of Economics and Business Administration ( email )

Grueneburgplatz 1
Frankfurt am Main, 60323
Germany

HOME PAGE: http://www.efinance.wiwi.uni-frankfurt.de/index.php?id=199

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