ERA Forum

, Volume 19, Issue 1, pp 19–31 | Cite as

The price of stable markets and investor confidence: some thoughts on MiFID II’s cost-benefit ratio

  • Martin Schulte


This Article analyses certain aspects and controversial matters of the revised Markets in Financial Instruments Directive (MiFID II) in view of the reform’s potential to improve investor confidence and market stability.


MiFID II MiFIR Investor protection Financial stability Liquidity Dark pools of liquidity Algorithmic trading High frequency trading Tick size Cost transparency Inducements Investment advice Commission sharing agreements 


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Copyright information

© ERA 2018

Authors and Affiliations

  1. 1.Frankfurt am MainGermany

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