The MiFID II Framework

This book provides a detailed analysis of the main innovations and impacts associated with the package of European legislation comprising MiFID II and MiFIR, which constitutes a pillar of the EU's single rulebook for financial regulation. Adopting a research-oriented approach, the authors also consider the practical consequences of the new legislation, to provide a clear description of the new rules and the ways in which they address concerns raised by the financial crisis, as well as an appraisal of the theoretical implications from an EU-wide perspective. The book also presents a comparative analysis of how the package is being implemented within the larger countries of the Eurozone and the United Kingdom, and evaluates the likely consequences for banks' business models. This research book is a valuable resource for graduate and master's level students as well as professionals and practitioners interested in understanding the European financial law and, in particular, the dynamics of the investment industry.

Provides a wide-ranging and thorough analysis of the innovations delivered by the MiFID II framework Presents a comparative study of implementation of the MiFID II/MiFIR legislative package across major European countries Combines a research-oriented approach with discussion of the main implications for the banking industry

Auteur
Mario Comana is Full Professor of Banking and Financial Institutions at the Department of Business and Management, LUISS Guido Carli University, Rome, Italy. He has served as an Independent Director and Chairman of Board of Directors for various financial institutions and as a financial and strategic consultant. He is Chairman of OCM, the Italian Authority for the mutual credit guarantee institutions, having been appointed by the Italian Treasury Minister. He has published many books and scientific papers.
Daniele Previtali is assistant professor in Banking and Financial Markets at the Department of Business and Management, LUISS Guido Carli University, Rome, Italy. He holds a PhD in Banking and Finance from the University of Rome Tor Vergata. He has been a visiting PhD scholar at the Finance Department of the Stern School of Business. .
Luca Bellardini is a PhD student at the University of Rome Tor Vergata and holds a Master's degree in Economics and Finance from LUISS Guido Carli University in Rome. His research interests are mainly rooted in banking and focus especially on asset quality, corporate governance, and prudential regulation of credit institutions. In 2014, he published a Financial Mathematics textbook.

Contenu
Chapter 1: Introduction.- Chapter 2: Why the Package? Financial markets before and after the Crisis.- Chapter 3: Relevant changes from MiFID I.- Chapter 4: How exchanges work: Trading venues, algorithmic and high frequency transactions.- Chapter 5: Market infrastructure and transparency obligations.- Chapter 6: Investor protection.- Chapter 7: Transposing the Package: A cross-country view.- Chapter 8: Regulation meets business: The effects on the investment industry.- Chapter 9: Conclusions.