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Les conséquences inattendues de la régulation financière : pourquoi les algorithmes génèrent-ils de nouveaux risques sur les marchés financiers ?

Author

Listed:
  • Marc Lenglet

    (EBS Paris - European Business School Paris)

  • Angelo Riva

    (IREBS - Institut de recherche de l'European Business School - EBS Paris - European Business School Paris)

Abstract

Depuis son entrée en vigueur le 1er novembre 2007, la directive sur les marchés d'instruments financiers (MiF) a bouleversé le paysage institutionnel et l'organisation des marchés financiers en Europe. Dans cet article, nous montrons pourquoi la nouvelle réglementation a accéléré le déploiement et l'utilisation des algorithmes de trading sur les marchés financiers européens. Nous mettons ainsi en exergue le paradoxe lié à cette nouvelle vague d'innovation réglementaire et technologique, qui a fait émerger de nouveaux risques là où les émetteurs et les investisseurs auraient dû trouver davantage de transparence et de sécurité.

Suggested Citation

  • Marc Lenglet & Angelo Riva, 2013. "Les conséquences inattendues de la régulation financière : pourquoi les algorithmes génèrent-ils de nouveaux risques sur les marchés financiers ?," Post-Print halshs-01517014, HAL.
    • Handle: RePEc:hal:journl:halshs-01517014
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    Keywords

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    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • H41 - Public Economics - - Publicly Provided Goods - - - Public Goods
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • K23 - Law and Economics - - Regulation and Business Law - - - Regulated Industries and Administrative Law
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation

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