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

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

56 Pages Posted: 29 Jan 2014 Last revised: 15 Dec 2015

See all articles by Guido Ferrarini

Guido Ferrarini

University of Genoa - Law Department and Centre for Law and Finance; European Corporate Governance Institute (ECGI)

Paolo Saguato

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

Date Written: January 28, 2014

Abstract

The financial crisis has generated a deep revision of the regulation of securities and derivatives markets. In this paper, we critically examine the extent to which current reforms, such as the European Market Infrastructure Regulation (EMIR) and the proposed Markets in Financial Instruments Directive (MiFID II) and Regulation (MIFIR), will expand ‘public’ securities and derivatives markets, while correspondingly reducing the scope of ‘private’ markets (which broadly coincide with the ‘unregulated’ over-the-counter markets). We also ask whether these reforms will on the whole reduce systemic risks and transaction costs of securities and derivatives trading in Europe. For these purposes, we formulate conjectures that are partly based on the experience of past reforms in the area equity trading.

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

Ferrarini, Guido and Saguato, Paolo, Reforming Securities and Derivatives Trading in the EU: From EMIR to MIFIR (January 28, 2014). 13(2) Journal of Corporate Law Studies 319 (2013). Available at SSRN: https://ssrn.com/abstract=2386290

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 ECARES ULB CP 114
B-1050 Brussels
Belgium

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

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://www.paolosaguato.com

Genoa Centre for Law and Finance ( email )

Via Balbi 22
Genoa, Genoa 16100
Italy

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

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