Guido A. Ferrarini (University of Genoa – Law School ; European Corporate Governance Institute (ECGI)) and Paolo Saguato (New York University School of Law ; Genoa Centre for Law and Finance) have posted “Reforming Securities and Derivatives Trading in the EU: From EMIR to MIFIR, 13(2) Journal of Corporate Law Studies 319 (2013).
The abstract is as follows:
The financial crisis has generated a deep revision of the regulation of securities and derivatives markets. In this paper, we critically examine the extent to which current reforms, such as the European Market Infrastructure Regulation (EMIR) and the proposed Markets in Financial Instruments Directive (MiFID II) and Regulation (MIFIR), will expand ‘public’ securities and derivatives markets, while correspondingly reducing the scope of ‘private’ markets (which broadly coincide with the ‘unregulated’ over-the-counter markets). We also ask whether these reforms will on the whole reduce systemic risks and transaction costs of securities and derivatives trading in Europe. For these purposes, we formulate conjectures that are partly based on the experience of past reforms in the area equity trading.