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Investissement institutionnel et révision de la directive MIF

Author

Listed:
  • Nathalie Oriol

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur)

Abstract

La directive MIF a conduit à la multiplication des systèmes d'exécution des ordres en Europe. Trois ans après sa mise en place, les effets sont mitigés et amènent à la mise en chantier d'une importante révision. Dans le but d'éclairer les débats réglementaires, cet article étudie les préférences des investisseurs institutionnels en termes de méthodes d'exécution des ordres. Sur la base de données Euronext Paris, l'étude réalisée permet de montrer que la diversification des services de négociation et un certain niveau de fragmentation des flux d'ordres sont justifiés, mais doivent être accompagnés de règles de transparence adaptées. Classification JEL : G11, G14, G24, L51.

Suggested Citation

  • Nathalie Oriol, 2011. "Investissement institutionnel et révision de la directive MIF," Post-Print hal-05506345, HAL.
    • Handle: RePEc:hal:journl:hal-05506345
    DOI: 10.3917/ecofi.104.0217
    as

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    More about this item

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation

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