D. Busch

MiFID II. Regulating high frequency trading, other forms of algorithmic trading and direct electronic market access

This article analyses and discusses the new MiFID II rules on high frequency trading (HFT), other forms of algorithmic trading (AT) and direct electronic market access (DEA). In particular, it discusses the benefits and risks of AT, HFT and DEA, the MiFID II definitions of these terms, the scope of the rules, as well as the applicable substantive rules.

MiFID II and MiFIR. Stricter rules for the EU financial markets

This article analyses and discusses the new MiFID II and MiFIR rules for the EU financial markets. In particular, it analyses the concepts “regulated market”, “Multilateral Trading Facility” (MTF), “Organised Trading Facility” (OTF) and “(systemic) internalisation”. It also discusses (i) pre-trade and post-trade transparency, (ii) transaction reporting, (iii) data services providers, (iv) concentration of trading, (v) position limits, and (vi) position management powers in the case of trading in commodity derivatives and reporting obligations.

A Bank's Duty of Care

In this article we place a bank’s duty of care in a European and comparative law perspective. The first thing that strikes is that courts throughout the jurisdictions approach the questions with respect to the bank’s duty of care in a pragmatic way. They do not seem to feel strongly bound or hindered by dogmatic or theoretical distinctions. For example, the courts do not generally distinguish between consumers and professionals but focus on the circumstances of the case and assess whether the client had sufficient knowledge to understand the financial product that was provided. The more knowledge and experience, the less protection he needs. And vice versa, the less knowledge and experience, the more protection he needs. From this balancing act, the courts find and shape the tools in their national legal system to achieve the outcome they deem to be fair, just and reasonable.