MiFID II between European rule-making and national market surveillance: the case of high-frequency trading
Autor
Karremans, Johannes
Schoeller, Magnus G.
Institución
Resumen
In line with the spirit of the regulatory reforms initiated after the outbreak of
the global financial crisis in 2008, the EU reviewed its ‘Markets in Financial
Instruments Directive’ (MiFID). As this was an action coordinated at the international level, this initiative allows us to look into the theoretical propositions
developed in our first research perspective, that is, the ‘vertical perspective’.
The revised legislative package, MiFID II, entered into force in January 2018
and consists for the most part in extending public oversight of those areas of
the financial market that between the 1980s and 2000s mostly operated in the
dark. More precisely, one of the key objectives of MiFID II was to introduce
reporting obligations in market segments that until recently operated directly
between buyers and sellers or on alternative trading venues (see Chapter 6 for
two illustrative case studies).