The Market in Financial Instruments Directive (MiFID) is nothing short of a revolution. Introduced on 1 November 2007, it will have a profound, long-term impact on Europe's securities markets. It will see banks operating as exchanges for certain activities, offering alternative execution services that more closely resemble the structure of over-the-counter markets, and will lead to the decentralisation of order execution in an array of venues previously governed by concentration rules. Crucially, MiFID will also have a profound impact on the organisation and business strategies of investment firms, exchanges, asset managers and other financial markets intermediaries. Until now, analysis has focused on the directive's short term implementation issues. This book focuses on the long term strategic implications associated with MiFID, and will be essential reading for anybody who recognises that their firm will need to make constant dynamic readjustments in order to remain competitive in this challenging new environment.
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Introduction; 1. The MiFID revolution; 2. Origins and structure of MiFID; 3. Suitability and appropriateness under MiFID: 'faithful watchdogs' or 'terrible twins'?; 4. Best execution rules under MiFID; 5. Financial market data and MiFID; 6. Guarding against conflicts of interest: where do we stand?; 7. The MiFID approach to inducements: imperfect tools for a worthy policy objective; 8. MiFID's impact on the fund management industry; 9. MiFID and bond market transparency; 10. The MiFID regulatory and supervisory architecture; 11. MiFID and Reg NMS: a test-case for 'substituted compliance'?; Glossary; Annex I: list of services and activities and financial instruments; Bibliography.
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'From its origins and various key provisions to its anticipated impacts and potential international implications, this work provides a comprehensive look at MiFID as well as the market reality it serves. It analyses its subject material with clarity, criticism and rigour.' David Wright, Deputy Director General, DG MARKT, European Commission
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An in-depth understanding of this new EU directive, with aspects and implications for the different business lines in financial markets.

Produktdetaljer

ISBN
9780521518635
Publisert
2009-10-08
Utgiver
Vendor
Cambridge University Press
Vekt
500 gr
Høyde
235 mm
Bredde
155 mm
Dybde
15 mm
Aldersnivå
P, 06
Språk
Product language
Engelsk
Format
Product format
Innbundet
Antall sider
240

Biographical note

Jean-Pierre Casey is a Compliance Manager at Barclays Wealth in London. He was Head of Research at the European Capital Markets Institute (ECMI) and Research Fellow at the Centre for European Policy Studies (CEPS). Alessandra Chirico, Ph.D. is currently Head of Research at the European Capital Markets Institute (ECMI) and Research Fellow at the Centre for European Policy Studies (CEPS). She was formerly MiFID compliance manager at Saxo Bank A/S in Copenhagen.