MiFID

Book description

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

Book details

ISBN

9781904339410

Publish date

1 Sep 2006

Format

Size

155mm x 235mm

Editor biography

Jean-René Giraud & Catherine D’Hondt

Jean-RenéGiraud is C.E.O. of EDHEC-Risk Advisory, the consultancy arm of the EDHEC Risk and Asset Management Research Centre for which he is also Director of Development. Prior to joining EDHEC, Jean-René spent several years at various positions within investment banks and management consultancy firms in London. He began his career in Paris, where he supported the development of a software company specialised in portfolio management and led the client advisory activity of the firm. Jean-René is a frequent speaker in industry and academic conferences on subjects including risk management, alternative investments, market microstructure and market regulation.

Catherine D’Hondt is an associate professor at EDHEC Business School in Lille with her primary research area in market microstructure and a special focus on traders’ behaviour and order submission strategies. Having had the opportunity to present most of her empirical works at several high quality international conferences, she currently teaches in the area of financial markets and assets.

Table of contents

Introduction

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

Glossary

Index

Testimonials

“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