Skip to main content

2019 | OriginalPaper | Buchkapitel

5. Market Infrastructure and Transparency Obligations

verfasst von : Mario Comana, Daniele Previtali, Luca Bellardini

Erschienen in: The MiFID II Framework

Verlag: Springer International Publishing

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config
loading …

Abstract

The chapter discusses the wide and complex regulatory framework regarding pre- and post-trade transparency obligations, aimed at reducing information asymmetry and contributing to the overall ‘market infrastructure’. First, we provide an overview of the most salient provisions encompassed by the European Market Infrastructure Regulation (EMIR, No. 648/2012), as the latter—though focused on derivatives—constitutes the basis upon which the transparency framework has been drawn up in the Package. Then, we move onto the details of the discipline, which actually informs each section of both the Directive and the Regulation: inter alia, we present the different types of ‘data reporting service providers’ (DRSPs), which are intermediaries entitled to collect, store, and convey exchange-related information, ensuring their integrity and security. In particular, we devote a special attention to waivers and deferrals, which are critical in order to assess the likely impact of the new rules. Coming back to the content of EMIR, the chapter ends by directly facing the issue of derivatives trading, which is going to be increasingly disputed between trading venues and OTC markets, raising relevant transparency concerns.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 102.000 Bücher
  • über 537 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 340 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Jetzt Wissensvorsprung sichern!

Literatur
Zurück zum Zitat Berti De Marinis, G. M. (2016). Regolamentazione del mercato finanziario e principio di trasparenza. Responsabilitá civile e previdenza. Rivista bimestrale di dottrina, giurisprudenza e legislazione, 81(3), 992–1013. Berti De Marinis, G. M. (2016). Regolamentazione del mercato finanziario e principio di trasparenza. Responsabilitá civile e previdenza. Rivista bimestrale di dottrina, giurisprudenza e legislazione, 81(3), 992–1013.
Zurück zum Zitat Committee of European Securities Regulators. (2010). CESR equity market technical advice, No. 129. Committee of European Securities Regulators. (2010). CESR equity market technical advice, No. 129.
Zurück zum Zitat Ferrarini, G., & Saguato, P. (2013). Reforming securities and derivatives trading in the EU: From EMIR to MiFIR. Journal of Corporate Law Studies, 13(2), 319–359.CrossRef Ferrarini, G., & Saguato, P. (2013). Reforming securities and derivatives trading in the EU: From EMIR to MiFIR. Journal of Corporate Law Studies, 13(2), 319–359.CrossRef
Zurück zum Zitat Jaccard, G. (2015). High frequency trading: The technological puzzle. SSRN, Working Paper. Jaccard, G. (2015). High frequency trading: The technological puzzle. SSRN, Working Paper.
Zurück zum Zitat Lucantoni, P. (2017). Il mercato dei derivati: note preliminari ad uno studio sistematico. Banca Borsa Titoli di Credito: rivista di dottrina e giurisprudenza, 70(2), 182–206. Lucantoni, P. (2017). Il mercato dei derivati: note preliminari ad uno studio sistematico. Banca Borsa Titoli di Credito: rivista di dottrina e giurisprudenza, 70(2), 182–206.
Zurück zum Zitat Petrescu, M., & Wedow, M. (2017). Dark pools in European equity markets: Emergence, competition and implications, ECB Occasional Paper Series, No. 193 (July 2017). Petrescu, M., & Wedow, M. (2017). Dark pools in European equity markets: Emergence, competition and implications, ECB Occasional Paper Series, No. 193 (July 2017).
Metadaten
Titel
Market Infrastructure and Transparency Obligations
verfasst von
Mario Comana
Daniele Previtali
Luca Bellardini
Copyright-Jahr
2019
DOI
https://doi.org/10.1007/978-3-030-12504-2_5

Premium Partner