This article identifies barriers to the complete implementation of the organized trading facility (OTF) as a new category of trading venue under the Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II). It argues that attempts to reconcile the competing claims of incumbent regulated markets and dealer banks operating broker crossing networks in the cash securities markets led to a market design that is not suitable for the over-the-counter (OTC) derivatives markets. The result has been that multilateral trading in the wholesale secondary markets has not been incorporated in trading venues, as was intended, and that changes that are better aligned to market requirements are needed. These include reform of requirements transposed from the cash securities markets, such as standardized fee structures, and relaxation of restrictions on interactions between an OTF and other OTFs or systematic internalizers.
{"title":"MiFID II and the Regulation of Multilateral Trading in OTC Derivatives: Is the OTF Fit for Purpose?","authors":"Simon Helm","doi":"10.1093/jfr/fjac009","DOIUrl":"https://doi.org/10.1093/jfr/fjac009","url":null,"abstract":"\u0000 This article identifies barriers to the complete implementation of the organized trading facility (OTF) as a new category of trading venue under the Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II). It argues that attempts to reconcile the competing claims of incumbent regulated markets and dealer banks operating broker crossing networks in the cash securities markets led to a market design that is not suitable for the over-the-counter (OTC) derivatives markets. The result has been that multilateral trading in the wholesale secondary markets has not been incorporated in trading venues, as was intended, and that changes that are better aligned to market requirements are needed. These include reform of requirements transposed from the cash securities markets, such as standardized fee structures, and relaxation of restrictions on interactions between an OTF and other OTFs or systematic internalizers.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":" ","pages":""},"PeriodicalIF":2.6,"publicationDate":"2022-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46362873","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article introduces a revised and updated version of the Financial Reform Database, which is widely used by economists and political economists. In this revision, country coverage is extended from 91 to 100 economies. Also, the time period covered is extended from 1973–2005 to 1973–2013. Furthermore, the coding rule relating to the enhancement of banking supervision is revised to enhance the clarity of the coding criteria used to measure the independence of a banking supervisory agency, taking into account the concepts of institutional independence and supervisory independence. In addition, in order to systematically compare policy changes across time and countries, seven dimensions of financial policies are further divided into 20 financial policy subdimensions, and each of these subdimensional policy scores is separately coded in this revision. This allows researchers to utilize each subdimension depending on their interests. The detailed policy description of each subdimensional policy reform for all countries and all years is made publicly available. In this article, an overview of the updated Financial Reform Database is provided.
{"title":"Introducing the Revised and Updated Financial Reform Database","authors":"Sawa Omori","doi":"10.1093/jfr/fjac008","DOIUrl":"https://doi.org/10.1093/jfr/fjac008","url":null,"abstract":"\u0000 This article introduces a revised and updated version of the Financial Reform Database, which is widely used by economists and political economists. In this revision, country coverage is extended from 91 to 100 economies. Also, the time period covered is extended from 1973–2005 to 1973–2013. Furthermore, the coding rule relating to the enhancement of banking supervision is revised to enhance the clarity of the coding criteria used to measure the independence of a banking supervisory agency, taking into account the concepts of institutional independence and supervisory independence. In addition, in order to systematically compare policy changes across time and countries, seven dimensions of financial policies are further divided into 20 financial policy subdimensions, and each of these subdimensional policy scores is separately coded in this revision. This allows researchers to utilize each subdimension depending on their interests. The detailed policy description of each subdimensional policy reform for all countries and all years is made publicly available. In this article, an overview of the updated Financial Reform Database is provided.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":"1 1","pages":""},"PeriodicalIF":2.6,"publicationDate":"2022-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41869449","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Corrigendum to: Banking Regulatory Constraints and Personal Bankruptcy Filings\u0000 in the US","authors":"Chintal A. Desai, David H. Downs","doi":"10.1093/jfr/fjac003","DOIUrl":"https://doi.org/10.1093/jfr/fjac003","url":null,"abstract":"","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":" ","pages":""},"PeriodicalIF":2.6,"publicationDate":"2022-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44125632","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
To every thing there is a season. In the area of securities regulation in the United States, it is the season for expansion. This article shows why such expansion should not involve use of the core issuer disclosure, fraud, and insider trading laws to reduce information asymmetry in the stock market in the name of investor protection. I argue that any expansion of these laws focused on this secondary market should therefore be justified by distinct concerns (namely, efficiency ones). Moreover, any push to better serve and protect investors should be focused on other areas of securities law (such as those relating to the structure of securities markets) or other markets (such as the market for investment management).
{"title":"Marginal Benefits of the Core Securities Laws","authors":"Kevin S Haeberle","doi":"10.1093/jfr/fjab008","DOIUrl":"https://doi.org/10.1093/jfr/fjab008","url":null,"abstract":"To every thing there is a season. In the area of securities regulation in the United States, it is the season for expansion. This article shows why such expansion should not involve use of the core issuer disclosure, fraud, and insider trading laws to reduce information asymmetry in the stock market in the name of investor protection. I argue that any expansion of these laws focused on this secondary market should therefore be justified by distinct concerns (namely, efficiency ones). Moreover, any push to better serve and protect investors should be focused on other areas of securities law (such as those relating to the structure of securities markets) or other markets (such as the market for investment management).","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":"233 ","pages":""},"PeriodicalIF":2.6,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138505812","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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