Skip to main content
SpringerLink
Log in

Market Information as a Public Good: The Political Economy of the Revision of the Markets in Financial Instruments Directive (MiFID)

  • Chapter
Book cover Finance: The Discreet Regulator

Abstract

The crisis triggered by the US mortgage market meltdown in summer 2007 initially forced governments with a deep-seated belief in deregulated markets to do what they had repeatedly said they never could or would do again: namely to take stakes in financial institutions, suspend certain transactions deemed to be speculative and manipulate their currencies. Once the emergency was over, they said, they would take measures to put credit institutions and the financial system – currencies, banks and markets – back on a sound footing.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 84.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 109.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book
USD 109.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  • Abdelal, R. (2007) Capital Rules: The Construction of Global Finance (Cambridge, MA: Harvard University Press).

    Google Scholar 

  • Aggarval, R. (2002) ‘Demutualization and Corporate Governance of Stock Exchanges’, Journal of Applied Corporate Finance, 15(1): 105–13.

    Article  Google Scholar 

  • Aglietta, M. and A. Rebérioux (2004) Dérives du capitalisme financier (Paris: Albin Michel).

    Google Scholar 

  • AMAFI (2010) ‘Révision de la directive MIF’, Position paper, 7 January.

    Google Scholar 

  • Ansidei, J. (2001) Les centres financiers internationaux (Paris: Economica).

    Google Scholar 

  • Baker, W. E. (1984) ‘The Social Structure of a National Securities Market’, American Journal of Sociology, 89(4): 775–811.

    Article  Google Scholar 

  • Baker, M. and M. Collins (2005) ‘London as an International Banking Centre, 1958–1980’, in Y. Cassis and E. Bussière (ed.) London and Paris as International Financial Centres in the Twentieth Century (Oxford: Oxford University Press), pp. 247–64.

    Chapter  Google Scholar 

  • Beckert, J. (2009) ‘The Social Order of Markets’, Theory and Society, 38(3): 245–69.

    Article  Google Scholar 

  • Biais, B., L. Glosten and C. Spatt (2005) ‘Market Microstructure: A Survey of Microfoundations, Empirical Results and Policy Implications’, Journal of Financial Markets, 8(2): 217–64.

    Article  Google Scholar 

  • Biais, B. and R. Green (2007) ‘The Microstructure of the Bond Market in the 20th century’, Working Paper IDEI.

    Google Scholar 

  • Brandenburger, A. and B. Nalebuff (1998) Co-opetition (New York: Currency Doubleday).

    Google Scholar 

  • Bussière, E. (2005) ‘French Banks and the Eurobond Issue Market during the 1960s’, in Y. Cassis and E. Bussière (ed.) London and Paris as International Financial Centres in the Twentieth Century (Oxford: Oxford University Press), pp. 265–85.

    Chapter  Google Scholar 

  • Braudel, F. (1979 [1982–4]) Civilization and Capitalism, 15th–18th Centuries. Volume 2. The Wheels of Commerce (London: HarperCollins).

    Google Scholar 

  • Braudel, F. (1988) La dynamique du capitalisme (Paris: Flammarion).

    Google Scholar 

  • Cassis, Y. and E. Bussière (ed.) (2005) London and Paris as International Financial Centres in the Twentieth Century (Oxford: Oxford University Press).

    Google Scholar 

  • CFA Institute (2009) ‘Market Microstructure, The Impact of Fragmentation under MiFID’, Position paper, December.

    Google Scholar 

  • CESR (2009) ‘Impact of MiFID on Equity Secondary Markets Functioning’, Report, 10 June.

    Google Scholar 

  • Davis, G. (2009) Managed by the Markets: How Finance Reshaped America (Oxford: Oxford University Press).

    Google Scholar 

  • Davis, L. and L. Neal (2005) ‘The Evolution of the Rules and Regulations of the First Emerging Markets: The London, New York and Paris Stock Exchanges, 1792–1914’, The Quarterly Review of Economics and Finance, 45(2–3): 296–311.

    Google Scholar 

  • Denord, F., P. Lagneau-Ymonet and S. Thine (2011) ‘Le champ du pouvoir en France’, Actes de la recherche en sciences sociales, 190, December: 24–57.

    Article  Google Scholar 

  • Denord, F. and A. Schwartz (2010) ‘L’économie (très) politique du Traité de Rome’, Politix, 89(1): 35–56.

    Article  Google Scholar 

  • Djelic, M-L. and P. Lagneau-Ymonet (2008) ‘From Playground of the French Bourgeoisie to Subsidiary of a Global Operator: Exploring the Striking Mutation of the Paris Stock Exchange’, Paper first presented at the EGOS Colloquium ‘Upsetting Organizations’, Amsterdam, 10–12 July.

    Google Scholar 

  • Emmanuelli, H. and J-F. Mancel (2010) Rapport fait au nom de la commission d’enquête sur les mécanismes de spéculation affectant le fonctionnement des économies (Paris: Assemblée Nationale).

    Google Scholar 

  • Epstein, G. and J. Carrick-Hagenbarth (2010) ‘Financial Economists, Financial Interests and Dark Corners of the Meltdown: It’s Time to Set Ethical Standards for the Economics Profession’, PERI Working Papers, 239, October.

    Google Scholar 

  • Feiertag, O. (2001) ‘Finances publiques, “mur d’argent” et genèse de la libéralisation financière en France de 1981 à 1984’, in S. Berstein, P. Milza and J-L. Bianco (ed.) Les années Mitterrand, les années du changement (1981–1984) (Paris: Perrin), pp. 431–55.

    Google Scholar 

  • Feiertag, O. (2005) ‘The International Opening-up of the Paris Bourse: Overdraft-Economy Curbs and Market Dynamics’, in Y. Cassis and E. Bussière (ed.) London and Paris as International Financial Centres in the Twentieth Century (Oxford: Oxford University Press), pp. 229–46.

    Chapter  Google Scholar 

  • FESE (2009) ‘Response to CESR Call for Evidence on the Impact of MiFID on Secondary Market Functioning’, Position paper, 13 January.

    Google Scholar 

  • Glosten, L. (1994) ‘Is the Electronic Open Limit Order Book Inevitable?’ The Journal of Finance, XLIX(4): 1127–61.

    Article  Google Scholar 

  • Hautcoeur, P-C., A. Rezaee and A. Riva (2010) ‘How to Regulate a Financial Market?’ Paris School of Economics Working Paper, 1.

    Google Scholar 

  • Hautcoeur, P-C. and A. Riva (2007) ‘The Paris Financial Market in the Nineteenth Century: An Efficient Multi-polar Organization?’ Paris School of Economics Working Paper, 31.

    Google Scholar 

  • Hautcoeur, P-C. and A. Riva (2012) ‘The Paris Financial Market in the Nineteenth Century: Complementarities and Competition in Microstructures’, Economic History Review, doi: 10.1111/j.1468-0289.2011.00632.x.

    Google Scholar 

  • Jabko, N. (2006) Playing the Market. A Political Strategy for Uniting Europe, 1985–2005 (Ithaca: Cornell University Press).

    Google Scholar 

  • Kindleberger, C. (1986) Manias, Panics and Crashes: A History of Financial Crises (New York City: John Wiley and Sons).

    Google Scholar 

  • Knorr-Cetina, K. and A. Preda (ed.) (forthcoming) Handbook of the Sociology of Finance Oxford: Oxford University Press).

    Google Scholar 

  • Lagneau-Ymonet, P. (2009) Entre le marché et l’état, les agents de change. Une socio- histoire économique de l’intermédiation officielle à la bourse de Paris, Doctoral dissertation (Paris: école des hautes études en sciences sociales).

    Google Scholar 

  • Lagneau-Ymonet, P. and A. Riva (2010) ‘La paradoxale privatisation d’un étrange bien public: la bourse de Paris dans les années 1980’, Genèses, 80(3): 49–69.

    Google Scholar 

  • Lagneau-Ymonet, P. and A. Riva (2011) ‘Les opérations à terme à la Bourse de Paris’, in N. Levratto and A. Stanziani (ed.) Le capitalisme au futur antérieur. Crédit et spéculation en France, fin dix-huitième début vingtième siècle (Brussels: Bruylant), pp. 107–41.

    Google Scholar 

  • Lagneau-Ymonet, P. and A. Riva (2012) Histoire de la Bourse (Paris: La Découverte).

    Google Scholar 

  • Lebaron, F. (2011) La Crise de la croyance économique (Broissieux: Editions du Croquant).

    Google Scholar 

  • Lee, R. (2010) The Governance of Financial Market Infrastructure, Oxford Finance Group, January.

    Google Scholar 

  • London Economics (2010) Understanding the Impact of MiFID in the Context of Global and National Regulatory Innovations, October.

    Google Scholar 

  • Lordon, F. (1997) Les quadratures de la politique économique (Paris: Albin Michel).

    Google Scholar 

  • Lütz, S. (2004) ‘Convergence within National Diversity: The Regulatory State in Finance’, Journal of Public Policy, 24(2): 169–97.

    Article  Google Scholar 

  • Madhavan, A. (2000) ‘Market Microstructure: A Survey’, Journal of Financial Markets, 3(3): 205–58.

    Article  Google Scholar 

  • Majois, C. (2008) ‘Transparence et microstructure des marches: une revue de la littérature’, Finance, 29(2): 5–56.

    Google Scholar 

  • Michie, R. (1999) The London Stock Exchange: An History (Oxford: Oxford University Press).

    Google Scholar 

  • Michie, R. (2009) ‘Design by Default? “Big Bang”, the London Stock Exchange and the Securities Market’, Paper presented at the World Economic History Congress, Utrecht, 3–7 August.

    Google Scholar 

  • Minsky, F. (1975) John Maynard Keynes (New York City: Columbia University Press).

    Book  Google Scholar 

  • Minsky, F. (1982) ‘The Financial Instability Hypothesis: Capitalistic Processes and the Behavior of the Economy’, in C. Kindleberger and J-P. Laffargue (ed.) Financial Crisis: Theory, History and Policy (Cambridge: Cambridge University Press), pp. 13–47.

    Google Scholar 

  • Mirowski, P. and D. Plehwe (ed.) (2009) The Road from Mont Pelerin: The Making of the Neoliberal Thought (Cambridge, MA: Harvard University Press).

    Google Scholar 

  • Moran, M. (1991) The Politics of the Financial Services Revolution. The USA, UK and Japan (London: Palgrave Macmillan).

    Google Scholar 

  • Morsy, A. and K. Rwegasira (2010) ‘Understanding the Relationship between the Demutualization Decision of Stock Exchanges and the Theory of the Firm: A Theoretical Research Note’, European Journal of Economics, Finance and Administrative Sciences, 23: 139–48.

    Google Scholar 

  • Posner, E. (2009) The Origins of Europe’s New Stock Markets (Cambridge, MA: Harvard University Press).

    Google Scholar 

  • Pirrong, C. (2000) ‘A Theory of Financial Exchange Organization’, Journal of Law and Economics, 43(2): 437–71.

    Article  Google Scholar 

  • Pirrong, C. (2002) ‘Securities Market Macrostructure: Property Rights and the Efficiency of Securities Trading’, Journal of Law, Economics and Organization, 18(2): 385–410.

    Article  Google Scholar 

  • Preda, A. (2009) Framing Finance: The Boundaries of Markets and Modern Capitalism (Chicago: Chicago University Press).

    Book  Google Scholar 

  • Rajan, R. G. and L. Zingales (2003) ‘The Great Reversals: The Politics of Financial Development in the Twentieth Century’, Journal of Financial Economics, 69(1): 5–50.

    Article  Google Scholar 

  • Ramos, S. (2003) ‘Competition between Stock Exchanges: A Survey’, FAME Research paper, 77.

    Google Scholar 

  • Ramos, S. (2006) ‘Why do Stock Exchanges Demutualize and Go Public?’ Swiss Finance Institute Research Paper, 10.

    Google Scholar 

  • Riva, A. (2005) Compétition entre places financières: les bourses de Milan et de Gênes à l’époque giolittienne, 1895–1913, Doctoral dissertation (Orléans: Orléans University).

    Google Scholar 

  • Riva, A. (2007) ‘Les grandes Bourses italiennes à l’époque giolittienne’, Entreprises et Histoire, 48(3): 9–28.

    Article  Google Scholar 

  • Riva, A. (2009) ‘Le strutture sociali della regolazione delle Borse italiane nel XIX secolo’, in G. Conti, O. Feiertag and R. Scatamacchia (ed.) Credito e nazione in Francia e in Italia da fine ‘800 a fine ‘900 (Pisa: Pisa University Press), pp. 359–87.

    Google Scholar 

  • Riva, A. and E. N. White (2011) ‘Danger on the Exchange: How Counterparty Risk was Managed on the Paris Exchange in the Nineteenth Century’, Explorations in Economic History, December, 48(4): 478–93.

    Article  Google Scholar 

  • Schenk, C. R. (1998) ‘The Origins of the Eurodollar Market in London, 1955–1963’, Explorations in Economic History, 35(12): 221–38.

    Article  Google Scholar 

  • Schenk, C. R. (2005) ‘Crisis and Opportunity: The Policy Environment of International Banking in the City of London’, in Y. Cassis and E. Bussière (ed.) London and Paris as International Financial Centres in the Twentieth Century (Oxford: Oxford University Press), pp. 207–29.

    Chapter  Google Scholar 

  • Serifsoy, B. (2008) ‘Demutualization, Outsider Ownership and Stock Exchange Performance – Empirical Evidence’, Economics of Governance, 9(4): 305–39.

    Article  Google Scholar 

  • Schmidt, V. (1996) From State to Market?: The Transformation of French Business and Government (Cambridge: Cambridge University Press).

    Google Scholar 

  • Streeck, W. (2009) ‘Institutions in History. Bringing Capitalism Back In’, MPIfG Discussion Paper, 09/8.

    Google Scholar 

  • Streeck, W. (2011) ‘E Pluribus Unum? Varieties and Commonalities of Capitalism’, MPIfG Discussion Paper, 10/12.

    Google Scholar 

  • Streeck, W. and K. A. Thelen (2005) Beyond Continuity. Institutional Change in Advanced Political Economies (Oxford: Oxford University Press).

    Google Scholar 

  • Wade, R. (2007) ‘A New Global Financial Architecture?’ New Left Review, 46, July- August: 113–29.

    Google Scholar 

  • Weber, M. (2000) ‘The Stock and Commodity Exchanges’, Theory and Society, 29(3): 305–38.

    Article  Google Scholar 

Download references

Authors
  1. Paul Lagneau-Ymonet
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Angelo Riva
    View author publications

    You can also search for this author in PubMed Google Scholar

Editor information

Isabelle Huault Chrystelle Richard

Copyright information

© 2012 Paul Lagneau-Ymonet and Angelo Riva

About this chapter

Cite this chapter

Lagneau-Ymonet, P., Riva, A. (2012). Market Information as a Public Good: The Political Economy of the Revision of the Markets in Financial Instruments Directive (MiFID). In: Huault, I., Richard, C. (eds) Finance: The Discreet Regulator. Palgrave Macmillan, London. https://doi.org/10.1057/9781137033604_7

Download citation

Publish with us

Policies and ethics

Search

Navigation