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引用次数: 0
摘要
本文旨在评估欧洲议会和欧洲理事会针对欧洲股票市场黑池增长而制定的有关金融工具市场的最新指令--MiFID II 和 MiFIR。本文通过确定立法有效的领域，并将欧盟立法中的这些变化与美国有关黑池的立法进行比较，来研究新的一揽子监管措施对欧洲股票市场的影响。研究结果本文发现，欧洲证券和市场管理局为解决这些问题而实施的 MiFID II 和 MiFIR 指令减少了市场参与者之间的信息不对称，从而增加了受监管市场与替代交易设施之间的竞争。它们加深了人们对暗池交易及其对竞争和市场效率影响的理解。此外，这项研究还有助于政策制定者设计有效的金融市场法规。对立法的经济分析也有助于监管者评估新法律条款对资本市场运作的影响。
A law and economic analysis of trading through dark pools
Purpose
The purpose of this paper is to assess the latest directives of the European Parliament and the Council – MiFID II and MiFIR – on markets in financial instruments in response to the growth of dark pools in European equity markets.
Design/methodology/approach
This paper examines the impact of the new regulatory packages on European equity markets by identifying areas where the legislation is effective and comparing these changes in EU legislation with US legislation on dark pools.
Findings
This paper find that the MiFID II and MiFIR directives, implemented by the European Securities and Markets Authority to address these concerns, have reduced information asymmetry between market participants, thereby increasing competition between regulated markets and alternative trading facilities.
Research limitations/implications
Increased competition can improve market quality, which has practical implications for financial market regulation and policy formulation.
Originality/value
These findings are novel in the existing literature on high frequency trading through dark pools. They improve the understanding of dark trading and its impact on competition and market efficiency. In addition, this research can assist policymakers in designing effective financial market regulation. The economic analysis of legislation also helps regulators assess the impact of new legal provisions on the functioning of capital markets.
期刊介绍：
Since its inception in 1992, the Journal of Financial Regulation and Compliance has provided an authoritative and scholarly platform for international research in financial regulation and compliance. The journal is at the intersection between academic research and the practice of financial regulation, with distinguished past authors including senior regulators, central bankers and even a Prime Minister. Financial crises, predatory practices, internationalization and integration, the increased use of technology and financial innovation are just some of the changes and issues that contemporary financial regulators are grappling with. These challenges and changes hold profound implications for regulation and compliance, ranging from macro-prudential to consumer protection policies. The journal seeks to illuminate these issues, is pluralistic in approach and invites scholarly papers using any appropriate methodology. Accordingly, the journal welcomes submissions from finance, law, economics and interdisciplinary perspectives. A broad spectrum of research styles, sources of information and topics (e.g. banking laws and regulations, stock market and cross border regulation, risk assessment and management, training and competence, competition law, case law, compliance and regulatory updates and guidelines) are appropriate. All submissions are double-blind refereed and judged on academic rigour, originality, quality of exposition and relevance to policy and practice. Once accepted, individual articles are typeset, proofed and published online as the Version of Record within an average of 32 days, so that articles can be downloaded and cited earlier.
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