Facing new regulatory frameworks in securities trading in Europe:
Gespeichert in:
| Format: | Buch |
|---|---|
| Sprache: | English |
| Veröffentlicht: |
Antwerp [u.a.]
Intersentia
2010
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Met lit. opg |
| Beschreibung: | X, 185 S. graph. Darst. |
| ISBN: | 9050959733 9789050959735 |
Internformat
MARC
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Datensatz im Suchindex
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IMAGE 1
FACING NEW REGULATORY
FRAMEWORKS IN SECURITIES TRADING IN EUROPE
PETER-JAN ENGELEN KAREL LANNOO
(EDS.)
* INTERSENTIA ANTWERP - OXFORD - PORTLAND
IMAGE 2
TABLE OF CONTENTS
PREFACE
THE FRONT OFFICE - TRADING MECHANISMS
THE FRONT OFFICE - INTRODUCTION 3
DEMUTUALISATION 4
CONSOLIDATION 5
TECHNOLOGICAL EVOLUTION 6
REGULATORY CHANGES DUE TO THE EMERGENCE OF ATSS 7
BIBLIOGRAPHY 8
REGNMS: A TRADE-OFF BETWEEN SHORT TERM ECONOMIC EFFICIENCIES AND LONG
TERM DYNAMIC PERFORMANCE ANASTASSIOS GENTZOGLANIS 11
1. INTRODUCTION , 11
2. AN ANALYTICAL FRAMEWORK FOR EVALUATING THE REGNMS IN THE SECURITIES
INDUSTRY 14
3. LITERATURE REVIEW ON COMPETITION, FRAGMENTATION AND EFFICIENCY 18 4.
CONDUCT AND PERFORMANCE OF ATS IN THE US AND THE ROLE OF REGULATION . 22
5. CONCLUSIONS AND POLICY RECOMMENDATIONS 28
BIBLIOGRAPHY 29
REGULATION AND TECHNOLOGY IN EQUITY TRADING. THE IMPACT OF REGULATORY
AND TECHNOLOGICAL CHANGES ON ORDER EXECUTION AND THE TRADING VENUE
LANDSCAPE IN EUROPE PETER GOMBER, MARKUS GSEIX, GREGOR PUJOL AND ADRIAN
WRANIK 31
1. INTRODUCTION 31
2. LITERATURE OVERVIEW 32
3. DEVELOPMENT AND STATUS QUO OF THE ECN/MTF LANDSCAPE 33 3.1. ECN/MTF
DEVELOPMENT IN EUROPE VERSUS THE US 34 3.2. RECENT TECHNOLOGICAL
IMPROVEMENTS AND COMPETITIVE DYNAMICS 36
INTERSENTIA
IMAGE 3
TABLE OF CONTENTS
4. NEW REGULATORY REGIMES ON BOTH SIDES OF THE ATLANTIC 39
4.1. REGNMS IN THE US 40
4.2. MIFID IN EUROPE 42
5. MIFID'S IMPACT ON ORDER ROUTING, MARKET TRANSPARENCY AND BEST
EXECUTION 44
6. CONCLUSIONS AND OUTLOOK 49
BIBLIOGRAPHY 50
DARK LIQUIDITY POOLS: ISSUES IN COMPETITION, DESIGN AND REGULATION OF
CROSSING NETWORKS HANS DEGRYSE, MARK VAN ACHTER AND GUNTHER WUYTS 55
1. INTRODUCTION 55
2. INSTITUTIONAL FINGERPRINTS OF CROSSING NETWORKS 57
3. COMPETITION BETWEEN CROSSING NETWORKS AND TRADITIONAL MARKETS: THEORY
60
3.1. STATIC MODELS 60
3.2. DYNAMIC MODEL OF CN-DM INTERACTION 62
4. CROSSING NETWORKS AND TRADITIONAL MARKETS: EMPIRICAL EVIDENCE 64 5.
MARKET DESIGN OF CROSSING NETWORKS 66
5.1. BASE MARKET DEPENDENCE AND CRITICAL MASS 66
5.2. TRANSPARENCY 68
5.3. PRACTITIONER'S VIEW ON MARKET DESIGN 69
6. NEW TRADING PLATFORMS IN EUROPE AND MIFID 70
7. CONCLUSIONS 73
BIBLIOGRAPHY 74
FINANCIAL REGULATION OF THE SECURITIES INDUSTRIES: AN INTERNATIONAL OR
COUNTRY SPECIFIC APPROACH?
ANASTASSIOS GENTZOGLANIS 77
1. INTRODUCTION 77
2. EVALUATION CRITERIA OF THE LEVEL OF COMPETITION AND MONOPOLY IN THE
SECURITIES INDUSTRY 79
3. THE CURRENT REGULATORY APPROACHES TO SECURITIES INDUSTRY 82 4. THE
ALTERNATIVE REGULATORY APPROACHES TO SECURITIES INDUSTRY 84 5. A
CRITICAL EVALUATION OF CURRENT REGULATORY CHANGES IN THE SECURITIES
INDUSTRY. 88
6. CONCLUSIONS AND POLICY RECOMMENDATIONS 92
BIBLIOGRAPHY 93
VLLL INTERSENTIA
IMAGE 4
TABLE OF CONTENTS
THE BACK OFFICE - CLEARING AND SETTLEMENT
THE BACK OFFICE- INTRODUCTION 97
BIBLIOGRAPHY 99
NETWORK ECONOMICS WITH APPLICATION TO CLEARING SERVICES AND THEIR IMPACT
ON THE ORGANISATION OF THE EUROPEAN CLEARING INDUSTRY TINA HASENPUSCH
101
1. INTRODUCTION , 101
2. THE VALUE PROVISION NETWORK 103
2.1. STRUCTURE OF THE VALUE PROVISION NETWORK 103
2.2. CLEARING MEMBER TYPES 103
3. STRUCTURAL PARTICULARITIES OF THE EUROPEAN VALUE PROVISION
NETWORK. 106 4. NETWORK EFFECTS IN THE EUROPEAN VALUE PROVISION
NETWORK 107 4.1. THE VALUE PROVISION NETWORK AS TWO-LAYERED AND
TWO-LEVEL NETWORK 107
4.2. FIRST LEVEL (CCP LEVEL) NETWORK EFFECTS 109
4.2.1. FIRST LEVEL NETWORK EFFECTS: PRODUCT LAYER 110 4.2.2. FIRST LEVEL
NETWORK EFFECTS: SYSTEM LAYER 114 4.3. SECOND LEVEL (GCM LEVEL) NETWORK
EFFECTS 117
4.3.1. SECOND LEVEL NETWORK EFFECTS: PRODUCT LAYER 118 4.3.2. SECOND
LEVEL NETWORK EFFECTS: SYSTEM LAYER. 119 4.4. INTERRELATION BETWEEN CCP
AND GCM LEVEL NETWORK EFFECTS 120 4.5. SPILL-OVER EFFECTS OF CCP AND GCM
LEVEL NETWORK EFFECTS 121 5. IMPLICATIONS FOR THE ORGANISATION OF THE
EUROPEAN CLEARING INDUSTRY. 122 6. CONCLUSIONS 123
BIBLIOGRAPHY 124
ELIMINATION OF TECHNICAL BARRIERS IN EUROPEAN SECURITIES SETTLEMENT
TORSTEN SCHAPER 127
1. INTRODUCTION 127
2. CLEARING AND SETTLEMENT OF SECURITIES TRANSACTIONS 128
3. INTEGRATION OF SECURITIES SETTLEMENT SYSTEMS 131
3.1. STANDARDS IN SECURITIES SETTLEMENT 132
3.2. CSD-LINKMODEL 134
INTERSENTIA LX
IMAGE 5
TABLE OF CONTENTS
3.3. HUB AND SPOKES MODEL 134
3.3.1. CENTRAL SECURITIES SETTLEMENT INSTITUTE 135
3.3.2. TARGET2-SECURITIES 136
3.4. EUROPEAN CSD 138
3.4.1. SINGLE SETTLEMENT ENGINE 138
4. EVALUATION OF MODELS FOR INTEGRATION 140
5. CONCLUSIONS AND OUTLOOK 144
BIBLIOGRAPHY 144
SYSTEMIC RISK IN CENTRAL COUNTERPARTIES CLEARINGHOUSES SILVIA CASERTA
147
1. INTRODUCTION 147
2. MARKET STRUCTURE 148
3. SYSTEM RELIABILITY 152
3.1. DUOPOLY 153
3.2. MONOPOLY 154
3.3. INTEROPERABILITY 155
3.4. COMPARISON OF SYSTEMS FAILURE 156
4. CONCLUSIONS 157
BIBLIOGRAPHY 158
INTEGRATING EUROPE'S BACK OFFICE: 10 YEARS OF TURNING IN CIRCLES KAREL
LANNOO AND DIEGO VALIANTE 159
1. THE ECB AND T2S 160
2. WHAT IS LEFT FOR CSDS AND ICSDS? 167
3. THE ESCB-CESR RECOMMENDATIONS 168
4. THE CODE OF CONDUCT 170
5. THE IMPACT OF THE FINANCIAL CRISIS: MULTIPLE OR CENTRALISED
SOLUTION(S)? 173 6. CONCLUSIONS 176
BIBLIOGRAPHY 177
SHORT BIOS 179
CONTACT DATA 183
INTERSENTIA |
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| spelling | Facing new regulatory frameworks in securities trading in Europe Peter-Jan Engelen ... (eds). [Authors: Silvia Caserta ...] Antwerp [u.a.] Intersentia 2010 X, 185 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Met lit. opg Europäische Union (DE-588)5098525-5 gnd rswk-swf Börsenrecht (DE-588)4138526-3 gnd rswk-swf Wertpapierrecht (DE-588)4065682-2 gnd rswk-swf (DE-588)4143413-4 Aufsatzsammlung gnd-content Europäische Union (DE-588)5098525-5 b Börsenrecht (DE-588)4138526-3 s Wertpapierrecht (DE-588)4065682-2 s DE-604 Engelen, Peter-Jan Sonstige oth Caserta, Silvia Sonstige (DE-588)143294164 oth GBV Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020778853&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
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| title | Facing new regulatory frameworks in securities trading in Europe |
| title_auth | Facing new regulatory frameworks in securities trading in Europe |
| title_exact_search | Facing new regulatory frameworks in securities trading in Europe |
| title_full | Facing new regulatory frameworks in securities trading in Europe Peter-Jan Engelen ... (eds). [Authors: Silvia Caserta ...] |
| title_fullStr | Facing new regulatory frameworks in securities trading in Europe Peter-Jan Engelen ... (eds). [Authors: Silvia Caserta ...] |
| title_full_unstemmed | Facing new regulatory frameworks in securities trading in Europe Peter-Jan Engelen ... (eds). [Authors: Silvia Caserta ...] |
| title_short | Facing new regulatory frameworks in securities trading in Europe |
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