Looking for New Lenses: How Regulation Should Cope with the Financial Market Infrastructures Evolution

Description of the evolution of financial market infrastructures in the last 30 years, focussed on changes in governance (from public or mutual entities to for-profit organisations, often listed), location (from country-based to international), business (from revenues linked to listing and trading to information services and post-trading) and market (from domestic monopoly to global competition). Impact on regulation and supervision: the traditional micro-prudential and investor protection issues are now more and more intertwined with macro-stability and antitrust issues which may lead to some reshape the institutional architecture, especially in the framework of Capital Markets Union in the European Union.