The future of investing: in Europe's markets after MiFID
Gespeichert in:
| Weitere Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Chichester [u.a.]
Wiley
2007
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| Schriftenreihe: | Wiley finance series
|
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXX, 261 S. Ill. |
| ISBN: | 9780470510384 0470510382 |
Internformat
MARC
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| 245 | 1 | 0 | |a The future of investing |b in Europe's markets after MiFID |c ed. by Chris Skinner |
| 264 | 1 | |a Chichester [u.a.] |b Wiley |c 2007 | |
| 300 | |a XXX, 261 S. |b Ill. | ||
| 336 | |b txt |2 rdacontent | ||
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| 338 | |b nc |2 rdacarrier | ||
| 490 | 0 | |a Wiley finance series | |
| 700 | 1 | |a Skinner, Chris |4 edt | |
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Datensatz im Suchindex
| _version_ | 1804142628302749696 |
|---|---|
| adam_text | Contents
About Chris Skinner xv
About the Contributors xvii
Acknowledgements xxv
Introduction xxvii
PART 1 MiFID S VISION, RULES AND
REQUIREMENTS: THE PRINCIPLES 1
1 The Benefits, Opportunities and Challenges of MiFID 3
Laurence White
1.1 Anticipated benefits of MiFID 4
1.1.1 Increased competition 5
1.1.2 Enhanced investor protection 6
1.1.3 Increased transparency 7
1.1.4 More effective regulatory co-operation 8
1.1.5 Deregulation and the principles-based approach 8
1.2 Opportunities and challenges 9
1.3 Conclusion 10
2 An Overview of MiFID 13
Dr John Ryan
2.1 The Lamfalussy process 14
2.2 Lamfalussy Level 1, legislation and directives 14
2.3 Lamfalussy Level 2, technical implementation and advice 15
viii Contents
2.4 Instruments affected by Level 2 measures 15
2.5 Lamfalussy Level 3, local conduct of business rules 16
2.6 Lamfalussy Level 4, enforcement of rules 16
2.7 MiFID s detailed provisions 17
2.8 Organisational requirements 17
2.9 Conduct of business requirements 18
2.9.1 Client classification 19
2.9.2 Marketing 19
2.9.3 Information about the firm and its services 20
2.9.4 Client agreements 20
2.9.5 Suitability and know your customer 21
2.9.6 Appropriateness and execution-only
services 21
2.9.7 Best Execution 22
2.9.8 Client order handling 23
2.9.9 Reporting information to clients 23
2.10 Markets and transparency 24
2.10.1 Pre-and post-trade transparency 24
2.10.2 Pre-trade transparency 25
2.10.3 Post-trade transparency 26
2.10.4 Transaction reporting 26
2.10.5 Cross-border business, branching,
passporting 27
2.10.6 Use of tied agents 28
2.11 Conclusions 29
3 Best Execution 31
Anthony Kirby
3.1 The Investment Services Directive (ISD) 32
3.2 Best Execution and asset managers 33
3.3 Best Execution - processes, policies and practices 36
3.4 The trading venue 38
3.5 The solution for Best Execution compliance? 40
3.6 Best Execution and client classification 42
3.7 The MiFID Joint Working Group (JWG), Best
Execution Subject Group 45
3.8 Approaches to Best Execution No. 1: benchmarking 52
3.9 Approaches to Best Execution No. 2: proactive process
management 54
3.10 Approaches to Best Execution No. 3: laissez-faire 57
3.11 Summary of approaches to Best Execution 59
3.12 Conclusions 61
Contents ix
4 Client Classification 65
David Smith and Steve Leggett
4.1 Why the detailed focus on client classification? 66
4.2 Client classification drives client protection
requirements 68
4.3 Flexible regime 71
4.4 Implications for firms 72
4.4.1 MiFID drives firms to truly know their clients 72
4.4.2 Firms need to pay close attention to client-facing
staff training 73
4.4.3 Data storage requirements are significant 73
4.5 Conclusion 73
5 Passporting 75
Alan Jenkins
5.1 Not quite so simple 75
5.2 What should an approved firm do? 76
5.3 What s next for investment firms? 77
5.4 How about suitability and appropriateness? 78
5.5 The least cost option - reception and transmission of orders 78
5.6 So what exactly is involved in providing Best Execution ? 79
5.7 Is that all? 80
5.8 Will MiFID really make a difference? 81
5.9 I don t believe it 81
PART 2 MiFID S REGULATORY REGIME: WILL
IT WORK? 83
6 Principles-based Regulation - Will It Work? 85
Ian Mason
6.1 Principles-based regulation, the UK experience 86
6.2 Conflicts of interest 88
6.3 Best Execution 90
6.4 Treating Customers Fairly (TCF) 91
6.5 Conclusion 92
7 Regulators: Consistent or Confused? 93
Andrew Allwright
8 Regulatory Convergence: The Prospect for a European SEC 99
Anthony Belchambers
x Contents __
9 Do We Need a Pan-European Regulator? 103
Chris Skinner
9.1 Round one 103
9.2 End of round one 104
9.3 Round two 105
9.4 End of round two 106
9.5 Round three 108
9.6 A clear knockout, but who cleans up? 109
10 MiFID and RegNMS: Changing the DNA of the Capital
Markets 111
Michael Heinz and Bernhard Schuller
10.1 Consolidation and competition between banks and
Exchanges 112
10.2 Understanding the importance of order flow, liquidity and
fees 118
10.3 Recent market dynamics 122
10.4 Comparing MiFID with RegNMS 122
10.4.1 Orders and quotations 124
10.4.2 Best Execution 125
10.4.3 Data management 126
10.4.4 Algorithmic trading 128
10.5 Conclusions on RegNMS and MiFID 129
10.6 The shape of things to come 130
PART 3 MiFID S IMPLICATIONS: THE END OF THE
EXCHANGES? 133
11 Make or Break for Europe 137
Chris Skinner
11.1 What is MiFID? 137
11.2 The background to MiFID 138
11.3 The Lamfalussy process 140
11.4 The challenge is for the Exchanges 144
11.5 The costs of MiFID 146
11.6 Looking ahead 148
12 Exchanges, MTF s, Systematic Internalisers and Data
Providers - Winners and Losers in a Post-MiFID World 151
Steve Webb
12.1 Key MiFID changes to consider 152
12.2 Exchanges 153
Contents xi
12.3 Which MiFID rules have the most impact upon
Exchanges? 153
12.3.1 Elimination of concentration rules 153
12.3.2 Post-trade transparency 154
12.3.3 Best Execution 155
12.4 Multilateral trading facilities 155
12.5 Which MiFID rules have the most impact upon MTF s? 156
12.5.1 Elimination of concentration rules 156
12.5.2 More regulation of MTF s 158
12.5.3 Pre-trade transparency 158
12.5.4 Post-trade transparency 158
12.5.5 Best Execution 159
12.6 Systematic Internalisers 160
12.7 Which MiFID rules have the most impact upon Si s? 161
12.7.1 Elimination of concentration rules 161
12.7.2 Pre-trade transparency 162
12.7.3 Post-trade transparency 163
12.7.4 Best Execution 164
12.8 Data vendors 164
12.9 Which MiFID rules have the most impact upon data
vendors? 165
12.9.1 Elimination of concentration rules 165
12.9.2 Pre-trade transparency 166
12.9.3 Post-trade transparency 166
12.9.4 Best Execution 166
12.10 Summary 167
13 Europe s Investment Markets in a Post-MiFID World: the
Fight for Value-Add 171
Chris Pickles
13.1 Technology in the markets 171
13.2 Challenges for the Exchanges 173
13.3 The networked economy 176
13.4 Get rid of the waste 178
13.5 Standardisation is key 179
14 Taking the Cost and Risk Out of MiFID Implementations 181
Bob Fuller
14.1 Positioning Europe as a top-class, dynamic financial
market 182
14.2 What will the post-MiFID world look like? 184
14.3 Pressure to become an SI? 185
14.4 Will there really be one European market? 185
xii Contents
14.5 Need for a next generation Exchange approach 186
14.6 Building a new regulated exchange for Europe 188
14.7 Approaching MiFID in different ways 189
14.8 Welcome to a brave new world of opportunity! 189
15 What is the Outlook for Execution Venues Post MiFID? 191
Richard Thornton
15.1 Regulated markets: Exchanges pressured by competition
and consolidation 192
15.2 The role of the Exchange 194
15.3 Multilateral Trading Facilities: the challenge of attracting
liquidity 195
15.4 Systematic Internalisers: will the costs detract from the
benefits? 196
15.5 Settlement impact 198
15.6 Summary 198
16 How MiFID Changes Banking Business Across Europe 201
Michael McKee
16.1 Competitive impact of MiFID on banks doing business in
Europe 201
16.2 Wholesale investment banks and universal banks 202
16.2.1 Banks as systematic internalisers 203
16.2.2 Banks passporting rights 203
16.2.3 Banks and conduct of business rules 203
16.3 Retail banks 204
16.4 Private banking 205
16.5 Overall 206
17 MiFID s Impact Upon the Retail Investment Markets 207
Angela Knight
PART 4 MiFID S TECHNOLOGIES: STANDARDS
AND LATENCY 213
18 What is the Role of Pre- and Post-Trade Standards? 215
Andrew Douglas
18.1 What is a standard? 216
18.2 What is the role of pre- and post-trade standards in the
post-MiFID world? 217
Contents xiii
18.3 Why are financial markets so fragmented? 218
18.4 What is the impact of fragmentation? 219
18.5 Can market standardisation ever be achieved? 220
18.6 Competitive processes 220
18.6.1 Competition in the market 221
18.6.2 Competition for the market 221
18.7 Collaborative processes 222
18.8 What are the barriers to success and how are they
overcome? 223
19 MiFID: Data Latency and All That 225
Nigel Woodward
19.1 Front office 226
19.2 Middle office 228
19.3 Back office 228
19.4 Market interchange and interoperability 229
19.5 Technology readiness 231
19.6 The latency word in context 233
19.7 The future 234
Glossary 235
Index 245
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| id | DE-604.BV025466887 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T22:34:47Z |
| institution | BVB |
| isbn | 9780470510384 0470510382 |
| language | English |
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| spelling | The future of investing in Europe's markets after MiFID ed. by Chris Skinner Chichester [u.a.] Wiley 2007 XXX, 261 S. Ill. txt rdacontent n rdamedia nc rdacarrier Wiley finance series Skinner, Chris edt HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020082313&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | The future of investing in Europe's markets after MiFID |
| title | The future of investing in Europe's markets after MiFID |
| title_auth | The future of investing in Europe's markets after MiFID |
| title_exact_search | The future of investing in Europe's markets after MiFID |
| title_full | The future of investing in Europe's markets after MiFID ed. by Chris Skinner |
| title_fullStr | The future of investing in Europe's markets after MiFID ed. by Chris Skinner |
| title_full_unstemmed | The future of investing in Europe's markets after MiFID ed. by Chris Skinner |
| title_short | The future of investing |
| title_sort | the future of investing in europe s markets after mifid |
| title_sub | in Europe's markets after MiFID |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020082313&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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