{"title":"多边单一交易商体系——MiFID II下的矛盾修饰法?","authors":"Christoph Kumpan, Hendrik Müller-Lankow","doi":"10.2139/ssrn.3034984","DOIUrl":null,"url":null,"abstract":"Among European regulators and in the academic literature diverging criteria have been developed to distinguish multilateral from bilateral trading systems. Depending on which criteria are applied, operators of multilateral systems may or may not organise multilateral trading in the form of a (quote-driven) single-dealer system. This article is meant to present our position on this issue. We argue that the wording of the second sentence of recital 7 of MiFIR (Regulation (EU) No 600/2014) disguises the true legal intention of MiFID II/MiFIR, which, at a minimum, allows market operators to structure a regulated market as a single-dealer system.","PeriodicalId":171263,"journal":{"name":"Corporate Governance: Arrangements & Laws eJournal","volume":"94 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2017-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The Multilateral Single-Dealer System - An Oxymoron under MiFID II?\",\"authors\":\"Christoph Kumpan, Hendrik Müller-Lankow\",\"doi\":\"10.2139/ssrn.3034984\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Among European regulators and in the academic literature diverging criteria have been developed to distinguish multilateral from bilateral trading systems. Depending on which criteria are applied, operators of multilateral systems may or may not organise multilateral trading in the form of a (quote-driven) single-dealer system. This article is meant to present our position on this issue. We argue that the wording of the second sentence of recital 7 of MiFIR (Regulation (EU) No 600/2014) disguises the true legal intention of MiFID II/MiFIR, which, at a minimum, allows market operators to structure a regulated market as a single-dealer system.\",\"PeriodicalId\":171263,\"journal\":{\"name\":\"Corporate Governance: Arrangements & Laws eJournal\",\"volume\":\"94 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2017-09-13\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Corporate Governance: Arrangements & Laws eJournal\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3034984\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Corporate Governance: Arrangements & Laws eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3034984","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0
摘要
在欧洲监管机构和学术文献中，已经制定了不同的标准来区分多边贸易体系和双边贸易体系。根据适用的标准，多边体系的经营者可能会或可能不会以(报价驱动的)单一交易商体系的形式组织多边交易。这篇文章旨在表明我们对这个问题的立场。我们认为，MiFIR(法规(EU) No 600/2014)序言7第二句的措辞掩盖了MiFID II/MiFIR的真实法律意图，该意图至少允许市场运营商将受监管的市场构建为单一交易商系统。
The Multilateral Single-Dealer System - An Oxymoron under MiFID II?
Among European regulators and in the academic literature diverging criteria have been developed to distinguish multilateral from bilateral trading systems. Depending on which criteria are applied, operators of multilateral systems may or may not organise multilateral trading in the form of a (quote-driven) single-dealer system. This article is meant to present our position on this issue. We argue that the wording of the second sentence of recital 7 of MiFIR (Regulation (EU) No 600/2014) disguises the true legal intention of MiFID II/MiFIR, which, at a minimum, allows market operators to structure a regulated market as a single-dealer system.
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