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The new trading environment post-MiFID: One year later

Author

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  • De Meijer, De Meijer R. W.

Abstract

Since the introduction of the Markets in Financial Instruments Directive (MiFID), the European equity trading landscape has seen major market-structure change. An increasing number of new multilateral trading facilities (MTFs) and so-called 'dark pools' are entering the arena, challenging the traditional European exchanges by promising faster execution at lower costs. As these alternative trading venues generate growing interest among brokers, banks and fund managers, this increased competition could lead to a rapid movement of trading stocks, away from Europe's traditional stock exchanges, leading to greater fragmentation of liquidity. The main questions to be answered are: what are the future challenges and opportunities in the new European trading area? Will the success of alternative liquidity pool trading, as is seen in the USA, be followed in Europe? And can the experience in the USA be used as a template to predict the likely impact of MiFID and other triggers on future European equity trading?

Suggested Citation

  • De Meijer, De Meijer R. W., 2009. "The new trading environment post-MiFID: One year later," Journal of Securities Operations & Custody, Henry Stewart Publications, vol. 2(1), pages 7-23, February.
    • Handle: RePEc:aza:jsoc00:y:2009:v:2:i:1:p:7-23
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    More about this item

    Keywords

    MiFID; multilateral trading facilty (MTF); dark pool; best execution; algorithmic trading; smart order routing (SOR);
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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