Nis Jul Clausen

Regulating Different Trading Venues – The European Experience Based on MIFID

The rise of alternative trading systems has created a dual system, with heavily regulated exchanges on the one hand, and almost unregulated alternative trading systems on the other hand. The European Union has responded to this development by enacting Directive 2004/39/EC on markets in financial instruments (MiFID). Evidence has shown that the MiFID regulation has increased competition between trading venues within Europe and substantially lowered the costs of trading. This paper analyses to what extent MiFID actually has created a level playing field between the different trading venues and to what extent investors are adequately protected when trading on different venues.

Competition and Co-operation between Stock Exchanges in Europe – Legal Aspects and Challenges

In the last two decades there have been many examples of co-operation between national stock exchanges in Europe. However, most of these have been cooperation on a very low scale. Starting in 2000, this pattern seems to have changed. Stock exchanges have committed themselves to “alliances”, or even “mergers”, entailing a co-operation which is far more intensive than most former examples of co-operation. In the last couple of years many such alliances have been formed, some have been dissolved, and even more have been considered.