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The MiFID II Framework

How the New Standards Are Reshaping the Investment Industry

  • Book
  • © 2019

Overview

Authors:
  1. Mario Comana

    1. Department of Business and Management, LUISS Guido Carli University, Rome, Italy

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  2. Daniele Previtali

    1. Department of Business and Management, LUISS Guido Carli University, Rome, Italy

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  3. Luca Bellardini

    1. Department of Management and Law, University of Rome Tor Vergata, Rome, Italy

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  • 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

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Table of contents (9 chapters)

  1. Front Matter

    Pages iii-vii
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  2. Introduction

    • Mario Comana, Daniele Previtali, Luca Bellardini
    Pages 1-5

  3. Why the Package? Financial Markets Before and After the Crisis

    • Mario Comana, Daniele Previtali, Luca Bellardini
    Pages 7-45

  4. Relevant Changes from MiFID I

    • Mario Comana, Daniele Previtali, Luca Bellardini
    Pages 47-83

  5. How Exchanges Work: Trading Venues, Algorithmic and High-Frequency Transactions

    • Mario Comana, Daniele Previtali, Luca Bellardini
    Pages 85-112

  6. Market Infrastructure and Transparency Obligations

    • Mario Comana, Daniele Previtali, Luca Bellardini
    Pages 113-140

  7. Investor Protection

    • Mario Comana, Daniele Previtali, Luca Bellardini
    Pages 141-159

  8. Transposing the Package: A Cross-Country View

    • Mario Comana, Daniele Previtali, Luca Bellardini
    Pages 161-201

  9. Regulation Meets Business: The Effects on the Investment Industry

    • Mario Comana, Daniele Previtali, Luca Bellardini
    Pages 203-228

  10. Conclusions

    • Mario Comana, Daniele Previtali, Luca Bellardini
    Pages 229-232
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Keywords

About this book

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.

Authors and Affiliations

  • Department of Business and Management, LUISS Guido Carli University, Rome, Italy

    Mario Comana, Daniele Previtali

  • Department of Management and Law, University of Rome Tor Vergata, Rome, Italy

    Luca Bellardini

About the authors

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.


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