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MiFID: Convergence towards a unified European capital markets industry
 
 
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MiFID: Convergence towards a unified European capital markets industry [Hardcover]

Jean-René Giraud (Author), Catherine D’Hondt (Author)
5.0 out of 5 stars  See all reviews (1 customer review)

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Book Description

1904339417 978-1904339410 September 25, 2006
With many organisations mis-understanding the implications of MiFID on the capital markets industry as a whole and more specifically on their own firm, developing a better understanding of this significant piece of regulation has become vitally important.

Focusing on the three major elements embedded into the directive you will gain important insights into how the key aspects of this compulsory regulatory change affect you, these are:

• Multilateral trading facilities,
• Internalisation, and
• Best execution.

Providing you with a single source of information on the newly issued regulation, this book includes its practicalities and a review of the potential impact on the industry. You will be given a practical understanding of the directive’s impact on investment firms and develop a vision of the broader changes the directive will generate amongst industry players.

Bringing together the viewpoints of both academics and practitioners, possible ways forward are suggested and your understanding of how the industry will evolve over time will be increased. You are provided an exclusive insight into the tools and techniques that you can use to support these new regulatory requirements.

This invaluable reference and guide will serve as essential reading material for you and should be recommended reading for investment firms representing the entire capital markets value chain, from exchanges and new alternative trading systems, intermediaries, money managers and end investors


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Editorial Reviews

About the Author

Jean-Rene Giraud started his career as an Analyst Programmer for SIP after graduating from the Ecole Superieure en Sciences Informatiques with a Masters in IT Engineering. Now the founder and CEO of Edhec-Risk Advisory, the consultancy arm of Edhecs Risk and Asset Management Research Centre, he is operating the consultancy arm in addition to his responsibilities within the Edhec Risk and Asset Management Research Centre.

Prior to this, Jean-Rene has worked for management consultancy house Capco in London, Paris and Brussels having previously moved from Barclays Capital in London. There he was Project Manager and Lead Business Analyst for several major implementations, including a global transaction hub.

Catherine DHondt is an associate professor at EDHEC Business School in Lille with her primary research area in market microstructure and a special focus on traders' behaviour and order submission strategies. Having had the opportunity to present most of her empirical works at several high quality international conferences, she currently teaches in the area of financial markets and assets.


Product Details

  • Hardcover: 341 pages
  • Publisher: Risk Books (September 25, 2006)
  • Language: English
  • ISBN-10: 1904339417
  • ISBN-13: 978-1904339410
  • Product Dimensions: 9.4 x 6.5 x 0.9 inches
  • Shipping Weight: 2 pounds (View shipping rates and policies)
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (1 customer review)
  • Amazon Best Sellers Rank: #3,947,431 in Books (See Top 100 in Books)

 

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2 of 2 people found the following review helpful:
5.0 out of 5 stars MiFID - Many issues For Industry Diehards, November 7, 2006
By 
D. Armond (The Netherlands) - See all my reviews
(REAL NAME)   
This review is from: MiFID: Convergence towards a unified European capital markets industry (Hardcover)
This book looks at MiFID (Markets in Financial Instruments Directive), a regulatory directive issued by the EU (European Union) in April 2004. Originating from the Internal Markets and Services Directorate-General headed by Charlie McCreevy, this legislation is the latest in a series of initiatives to reform the financial markets within the EU.
This timely publication arrives with exactly a year before the November 2007 deadline for implementation of the directive, and on the twentieth anniversary of Big Bang in the City of London.
The authors provide a good introduction to the creation of European Union regulation and the drive to better integrate European capital markets. This allows the reader to place MiFID in context and provides insight into the political drivers behind the directive.
An analysis of the characteristics of market structures allows a comparison between Europe and the US before addressing the impact of technology. The execution of financial instrument trades is then examined, followed by an assessment of the impact of MiFID on market structures.
The Best Execution obligation, possibly the most contentious element of MiFID, is then reviewed followed by the topic of Transaction Cost Analysis, at both a fundamental and advanced level.

The book is clearly and concisely written, and the tables and diagrams give additional insight into an area that is both complex and complicated.

An excellent introduction to MiFID for those not familiar with the Directive, and even experienced readers will find much of value in this book.
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Inside This Book (learn more)
Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
shall require investment firms, systematic internalisers, multilateral trading facilities, draft implementing directive, systematic internalisation, transaction cost indicators, obligation for investment firms, standard market size, high transparency requirements, order flow externality, normal market size, multilateral trading facility, opposite case scenario, reasonable commercial basis, regular margin calls, other derivative financial instruments, best execution obligation, average trade price, other termination event, draft implementing regulation, algorithmic trading, execution venues, investment firm authorised, spread midpoint, trading venues
Key Phrases - Capitalized Phrases (CAPs): (learn more)
Member States, European Commission, Working Paper, Journal of Finance, European Parliament, Journal of Financial Markets, European Securities Committee, Implementing Implementing Regulation Directive Art, Committee of European Securities Regulators, Committee of Wise Men, Journal of Financial Economics, London Stock Exchange, New York, Review of Financial Studies, Risk Advisory, Archipelago Holdings, European Securities Regulators Committee, Financial Instruments Directive, Quarterly Journal of Economics, Authors Natural, Commission Directive, Investment Technology Group, Oxford University Press, Regulation of European Securities Markets
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