Facing New Regulatory Frameworks in Securities Trading in Europe

PREFACE
THE FRONT OFFICE – TRADING MECHANISMS
THE FRONT OFFICE – INTRODUCTION
Demutualisation
Consolidation
Technological Evolution
Regulatory Changes Due to the Emergence of ATSs
Bibliography

RegNMS: A TRADE-OFF BETWEEN SHORT TERM ECONOMIC EFFICIENCIES AND LONG TERM DYNAMIC PERFORMANCE
Anastassios Gentzoglanis
1. Introduction
2. An Analytical Framework for Evaluating the RegNMS in the Securities Industry
3. Literature Review on Competition, Fragmentation and Efficiency
4. Conduct and Performance of ATS in the US and the Role of Regulation
5. Conclusions and Policy Recommendations
Bibliography

REGULATION AND TECHNOLOGY IN EQUITY TRADING.
The Impact of Regulatory and Technological Changes on Order Execution and the Trading Venue Landscape in Europe
Peter Gomber, Markus Gsell, Gregor Pujol and Adrian Wranik
1. Introduction
2. Literature Overview
3. Development and Status Quo of the ECN/MTF Landscape
4. New Regulatory Regimes on both Sides of the Atlantic
5. MiFID's Impact on Order Routing, Market Transparency and Best Execution
6. Conclusions and Outlook
Bibliography

DARK LIQUIDITY POOLS: ISSUES IN COMPETITION, DESIGN AND REGULATION OF CROSSING NETWORKS
Hans Degryse, Mark Van Achter and Gunther Wuyts
1. Introduction
2. Institutional Fingerprints of Crossing Networks
3. Competition Between Crossing Networks and Traditional Markets: Theory
4. Crossing Networks and Traditional Markets: Empirical Evidence
5. Market Design of Crossing Networks
6. New Trading Platforms in Europe and MiFID
7. Conclusions
Bibliography

FINANCIAL REGULATION OF THE SECURITIES INDUSTRIES: AN INTERNATIONAL OR COUNTRY SPECIFIC APPROACH?
Anastassios Gentzoglanis
1. Introduction
2. Evaluation Criteria of the Level of Competition and Monopoly in the Securities Industry
3. The Current Regulatory Approaches to Securities Industry
4. The Alternative Regulatory Approaches to Securities Industry
5. A Critical Evaluation of Current Regulatory Changes in the Securities Industry
6. Conclusions and Policy Recommendations
Bibliography

THE BACK OFFICE – CLEARING AND SETTLEMENT
THE BACK OFFICE – INTRODUCTION
Bibliography

NETWORK ECONOMICS WITH APPLICATION TO CLEARING SERVICES AND THEIR IMPACT ON THE ORGANISATION OF THE EUROPEAN CLEARING INDUSTRY
Tina Hasenpusch
1. Introduction
2. The Value Provision Network
3. Structural Particularities of the European Value Provision Network
4. Network Effects in the European Value Provision Network
5. Implications for the Organisation of the European Clearing Industry
6. Conclusions
Bibliography

ELIMINATION OF TECHNICAL BARRIERS IN EUROPEAN SECURITIES SETTLEMENT
Torsten Schaper
1. Introduction
2. Clearing and Settlement of Securities Transactions
3. Integration of Securities Settlement Systems
4. Evaluation of Models for Integration
5. Conclusions and Outlook
Bibliography

SYSTEMIC RISK IN CENTRAL COUNTERPARTIES CLEARINGHOUSES
Silvia Caserta
1. Introduction
2. Market Structure
3. System Reliability
4. Conclusions
Bibliography

INTEGRATING EUROPE'S BACK OFFICE: 10 YEARS OF TURNING IN CIRCLES
Karel Lannoo and Diego Valiante
1. The ECB and T2S
2. What is Left for CSDs and ICSDs?
3. The ESCB-CESR Recommendations
4. The Code of Conduct
5. The Impact of the Financial Crisis: Multiple or Centralised Solution(s)?
6. Conclusions
Bibliography

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