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2006
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Michel Prada, « A new organization for financial markets: what is at stake in the MiFID ? », Revue d'économie financière, ID : 10.3406/ecofi.2006.4433
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Résumé
While MiFID is a major step in the restructuring of the system of venues for trading, of which regulated markets are now only one of a number of possibilities, bringing about a single financial market in Europe requires deep thinking about the post-trading aspects of the system-including clearing and settlement, an area in which increased efficiency is expected by all market participants. Giving structure to the post-market segment of the industry, the 'utility' status that might be applied to certain entities operating in this segment, as well as governance issues, are among the many questions that need to be discussed in the coming months, with a view to the Europe-wide consolidation of these activities. This article deals with the new organisation for financial markets and the challenges of the MiFID. JEL classification : F36, G18, G28