Regulating Different Trading Venues – The European Experience Based on MIFID

Nordic & European Company Law Working Paper No. 10-22

THE EUROPEAN FINANCIAL MARKET IN TRANSITION, Hanne Birkmose, Mette Neville & Karsten Engsig Sørensen, eds., Kluwer Law International, 2011

Posted: 19 Sep 2011

See all articles by Karsten Engsig Sørensen

Karsten Engsig Sørensen

Aarhus University – Aarhus BSS, Department of Law

Nis Jul Clausen

University of Southern Denmark - Department of Law

Date Written: April 15, 2011

Abstract

The rise of alternative trading systems has created a dual system, with heavily regulated exchanges on the one hand, and almost unregulated alternative trading systems on the other hand. The European Union has responded to this development by enacting Directive 2004/39/EC on markets in financial instruments (MiFID). Evidence has shown that the MiFID regulation has increased competition between trading venues within Europe and substantially lowered the costs of trading. This paper analyses to what extent MiFID actually has created a level playing field between the different trading venues and to what extent investors are adequately protected when trading on different venues.

Keywords: MiFID, trading venues

JEL Classification: K22

Suggested Citation

Sørensen, Karsten Engsig and Clausen, Nis Jul, Regulating Different Trading Venues – The European Experience Based on MIFID (April 15, 2011). Nordic & European Company Law Working Paper No. 10-22, THE EUROPEAN FINANCIAL MARKET IN TRANSITION, Hanne Birkmose, Mette Neville & Karsten Engsig Sørensen, eds., Kluwer Law International, 2011, Available at SSRN: https://ssrn.com/abstract=1930170 or http://dx.doi.org/10.2139/ssrn.1930170

Karsten Engsig Sørensen (Contact Author)

Aarhus University – Aarhus BSS, Department of Law ( email )

Bartholins Allé 16, Building 1410, Room 246
DK-8000 Aarhus C
Denmark

Nis Jul Clausen

University of Southern Denmark - Department of Law ( email )

Denmark

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