Edhec-Risk
Market Regulation
MiFID: Convergence towards a unified European capital markets industry

Authors: Jean-René Giraud & Catherine D’Hondt
Editions: Risk Books
Pages: 342 pages
Date: August 2006
 
 
 
Summary
With many organisations misunderstanding the implications of MiFID on the capital markets industry as a whole and more specifically on their own firm, developing a better understanding of this significant piece of regulation has become vitally important.

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
  • 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

The contents cover:
  • MiFID: Context of the European Directive
  • The Development of Multilateral Trading Facilities and ECNs
  • An Emerging Pan-European Level Playing Field
  • The Likely Impact of MIFID
  • Best Execution
  • Transaction Cost Analysis
  • New Framework for Advanced TCA
About the Authors:

Jean-René Giraud was Director of Development with EDHEC-Risk Institute at the time of writing. He is now a Research Associate with the Institute.

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 work at several high quality international conferences, she currently teaches in the area of financial markets and assets.


Members of the EDHEC Risk and Asset Management Research Centre website are entitled to a 15% discount on the published price. To claim this discount, please quote promotional code: MIFIDJR when ordering.
 
 

URL for this document:
http://www.edhec-risk.com/edhec_publications/books/RISKBook.2006-11-07.5945

Hyperlinks in this document: