‘MiFID Review: What is Next for European Capital Markets?’
ECMI and CEPS are closely following the Markets in Financial Instruments Directive (MiFID) Review process run by the European Commission and the Committee of European Securities Regulators. The revision of MiFID represents a new challenge for Europe, which strives to improve efficiency and integration of its capital markets. ECMI and CEPS are therefore launching a Task Force titled ‘MiFID Review: What is Next for European Capital Markets?’. Members of the Task Force will include market participants, international experts, academics and regulators.
The Task Force will evaluate current proposals and discuss the prospects of the review, proposing a set of recommendations. Analyses and recommendations will be included in a final report issued by the end of 2010, which will be submitted by ECMI and CEPS to the European regulators. First meeting will be held at CEPS offices next 11 June 2010.
For more information on how to join the Task Force please download the Task Force Prospectus
The MiFID Metamorphosis
In their assessment of the Markets in Financial Instruments Directive (MiFID), adopted by the EU in April 2004 and implemented at Member State level by the end of 2007, Karel Lannoo and Diego Valiante find that the legislation has been remarkably successful in terms of improving market structure and efficiency, although progresses should be made on conduct of business rules and the market for data.
Shaping Reforms and Business Models for the OTC Derivatives Market: Quo vadis?
Now that the worst of the financial storm is over, regulators are setting new strategies to deal with the systemic importance of the €427 trillion ($604 trillion) over-the-counter (OTC) derivatives market. This paper explores the three major sources of disruptive effects in OTC derivatives: liquidity, counterparty risk and legal uncertainty. These risks affect the value chain of a typical derivative transaction and weaken the economic and legal rationale behind their widespread use.
