The paper compares the EU and US securities regulations, and specifically MiFID with the corresponding US regulations. It primarily focuses on the regulatory and supervisory framework, trading venues, and the provision of investment services. The paper argues that the architecture and some of the rules regarding securities markets are different in the two regions, but the objectives and some of the outcomes are similar. It looks at the regulatory frameworks, the scope and objectives of securities regulations, the rules implementing the different objectives, and draws some crisis-related lessons. The primary audience of this study is professionals, government officials and scholars working in the field of securities regulations.
Author(s): Tanja Boskovic, Caroline Cerruti, Michel Noel
Year: 2010
Language: English
Pages: 240
9780821382530......Page 1
Contents......Page 3
Acknowledgments......Page 4
Acronyms and Abbreviations......Page 5
Executive Summary......Page 6
Introduction......Page 9
EU Securities Framework......Page 10
U.S. Securities Framework......Page 11
The EU Securities Regulations Focus on Investment Firms and Trading Venues......Page 15
The U.S. Securities Regulations Focus on Broker Dealers and Exchanges......Page 17
Objectives of the EU Securities Regulations......Page 22
Objectives of the U.S. Securities Regulations......Page 23
As Regards Competition/Fair and Orderly Markets......Page 25
As Regards Investors’ Protection......Page 30
As Regards Price Discovery: Pre and Post Trade Transparency Requirements......Page 32
Better Supervision of Large and Interconnected Financial Institutions......Page 37
Enhance Capital and Liquidity Requirements......Page 38
6. Conclusion and Areas for Future Research......Page 41
Appendixes......Page 44
Technical Appendix 1: Pre and Post Trade Transparency Requirements, Europe and the United States......Page 45
Technical Appendix 2: Detailed Comparative Analysis......Page 47
References......Page 180
