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Facing New Regulatory Frameworks in Securities Trading in Europe

Facing New Regulatory Frameworks in Securities Trading in Europe

          
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About the Book

Over the last decade, the securities industry has been revolutionized. Technological and market innovations urged regulators to respond by updating the rules on securities trading. While in the US, traditional stock exchanges were under attack from electronic trading systems (ECNs), the European Union wanted to increase competition by abolishing the monopoly of traditional exchanges and by allowing systemic internalization by banks. The first part of this book focuses on the front-office of securities trading. It discusses the impact of alternative trading systems (ATSs), the regulatory response through the Markets in Financial Instruments Directive (MiFID) and the Regulation National Market System (RegNMS), the appearance of multilateral trading facilities (MTFs), and the use of dark pools. Although the trading practice has been adjusted to the new challenges, the back-office did not follow in a similar way. The European clearing and settlement industry has been fragmented for many years. Since MiFID allows trading venues to choose the route for clearing and settlement, the need for adjustments down the trading chain is urgent. The book discusses the competition and externalities of this network industry, cross-border central securities depositories (CSDs), systemic risk and central counterparty (CCP), the market consolidation process (Link-Up Markets), as well as the initiative of the Europese Centrale Bank by launching the TARGET 2 Securities (T2S) project. The book is for practitioners, executive and market professionals from the banking and securities industry, as well as academics who want to update their insights and knowledge about the profound changes in securities trading, clearing, and settlement in Europe. Readers will find state-of-the-art discussions about MiFID, T2S, and so on.
About the Author: Peter-Jan Engelen is Associate Professor of Finance at Utrecht University, the Netherlands, where he coordinates the "Business Strategy & Governance" Research Cluster. Before he was Program Director of the Joint Bachelor Degree in Economics and Business with LUISS (Italy) and Program Director of the Master Program International Economics and Business at Utrecht University. His expertise focuses on Innovation Finance and on Institutions-based Corporate Finance. In these two areas he conducts research, publishes, consults and gives lectures and trainings. His work in Innovation Finance focuses on entrepreneurial financing decisions (Going public process, IPOs, crowdfunding, and venture capital) as well as on investment decisions under uncertainty. He applies real option models to analyze business decisions in highly complex and innovative industries: pharmaceutical R&D, business model innovations in ICT, infrastructure projects, renewable energy (hydrogen, CCS) and sustainable resources (recycling). His second area of expertise analyzes the impact of institutions on corporate financing decisions of companies and on the functioning of financial markets. He focuses on formal institutions such as country-level regulations (investor protection, disclosure regulation, securities regulation), semi-formal institutions such as firm-level corporate governance configurations, board composition and board diversity as well as informal institutions such as trust, reputation, CSR and business ethics. His work has been published in Journal of Banking and Finance, Research Policy, Technovation, Corporate Governance An International Review, Journal of Business Finance and Accounting, and Journal of Business Ethics, among others.


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Product Details
  • ISBN-13: 9789050959735
  • Publisher: Intersentia
  • Publisher Imprint: Intersentia
  • Depth: 19
  • Language: English
  • Returnable: Y
  • Spine Width: 0 mm
  • Width: 159 mm
  • ISBN-10: 9050959733
  • Publisher Date: 14 Dec 2009
  • Binding: Paperback
  • Height: 235 mm
  • No of Pages: 186
  • Series Title: English
  • Weight: 110 gr


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