Focusing on the three major elements embedded into the directive you will gain important insights into how the key aspects of this compulsory regulatory change affect you, these are:
- Multilateral trading facilities;
- Internalisation; and
- Best execution.
Providing you with a single source of information on the newly issued regulation, this book includes its practicalities and a review of the potential impact on the industry. You will be given a practical understanding of the directive’s impact on investment firms and develop a vision of the broader changes the directive will generate amongst industry players.
Bringing together the viewpoints of both academics and practitioners, possible ways forward are suggested and your understanding of how the industry will evolve over time will be increased. You are provided an exclusive insight into the tools and techniques that you can use to support these new regulatory requirements.
This invaluable reference and guide will serve as essential reading material for you and should be recommended reading for investment firms representing the entire capital markets value chain, from exchanges and new alternative trading systems, intermediaries, money managers and end investors
- Publish date
- 1 Sep 2006
- 155mm x 235mm
Table of contents
1. Markets in Financial Instruments Directive: A desire to better integrate European capital markets
2. The Development of Multilateral Trading Facilities and Electronic Communication Networks: A US example and the European reality
3. An Emerging Pan-European Level Playing Field: Execution as a commodity business
4. The Likely Impact of MiFID on Market Structures: Will transparency guarantee efficient and fair markets
5. Best Execution: The (in)Famous Provision: A journey with Sisyphus and Icarus
6. Transaction Cost Analysis: The state of the industry and research
7. A New Framework for Advanced Transaction Cost Analysis: The EBEX indicators
Appendix: Level 1 Directive
“There is a wealth of information here. I recommend the book to anyone who needs to understand MiFID or trends in financial regulation. I also recommend it for anyone with an interest in market developments that are shaping, not only market regulations, but the very financial landscape of today. The book is excellent.“
Glyn Holton, Contingency Analysis
"A well-written, must read for all financial markets personnel involved in the planning for, and implementation of, MiFID"
Dr Andy Cooper, Director, Financial IT Limited
“One is well-served to have the Giraud and D’Hondt book in their library and within easy reach.“
Angela Short, solicitor, Nabarro. Reviewed for Complinet
“A very useful background work for those trying to piece together the jigsaw that is the European trading infrastructure... A useful introduction either for a MiFID newcomer... or a lawyer or compliance officer who is being asked to work with a cash equities trading team for the first time.“
Rob Moulton, partner, Nabarro. Reviewed for Complinet
This timely publication arrives with exactly a year before the November 2007 deadline for implementation of the directive, and on the twentieth anniversary of Big Bang in the City of London.
The authors provide a good introduction to the creation of European Union regulation and the drive to better integrate European capital markets. This allows the reader to place MiFID in context and provides insight into the political drivers behind the directive.
An analysis of the characteristics of market structures allows a comparison between Europe and the US before addressing the impact of technology. The execution of financial instrument trades is then examined, followed by an assessment of the impact of MiFID on market structures.
The Best Execution obligation, possibly the most contentious element of MiFID, is then reviewed followed by the topic of Transaction Cost Analysis, at both a fundamental and advanced level.
The book is clearly and concisely written, and the tables and diagrams give additional insight into an area that is both complex and complicated.
An excellent introduction to MiFID for those not familiar with the Directive, and even experienced readers will find much of value in this book.