Regulated Markets, Alternative Trading Venues & Systematic Internalisers in Europe

41 Pages Posted: 2 Nov 2020 Last revised: 7 May 2021

See all articles by Danny Busch

Danny Busch

Radboud University Nijmegen - Institute for Financial Law (IFR)

Han Gulyas

affiliation not provided to SSRN

Date Written: November 2, 2020

Abstract

The purpose of this paper is to explain the similarities and differences between regulated markets (RMs), alternative trading venues (i.e. multilateral trading facilities / MTFs and organised trading facilities / OTFs), and systematic internalisers (SIs) in Europe. The structure of the paper is as follows. Paragraph II provides an overview of the main terms and definitions. Subsequently, the authors discuss the MiFID II scope in relation to RMs, alternative trading venues, and SIs (paragraph III). This is followed by a treatment of the organisational requirements for RMs, alternative trading venues, and SIs (paragraph IV). Then, the MiFID II pre- and post-trade transparency rules are discussed, both for equity (paragraph V) and nonequity (paragraph VI). The authors end with some concluding observations (paragraph VII).

Keywords: MIFID II, EU, financial markets, regulated markets, multilateral trading facilities, organised trading facilities, systematic internalisers

JEL Classification: K20, K22, N20, N24

Suggested Citation

Busch, Danny and Gulyas, Han, Regulated Markets, Alternative Trading Venues & Systematic Internalisers in Europe (November 2, 2020). European Banking Institute Working Paper Series 2020 - no.75, Available at SSRN: https://ssrn.com/abstract=3723660 or http://dx.doi.org/10.2139/ssrn.3723660

Danny Busch (Contact Author)

Radboud University Nijmegen - Institute for Financial Law (IFR) ( email )

Nijmegen
Netherlands

Han Gulyas

affiliation not provided to SSRN

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