Reforming Securities and Derivatives Trading in the EU : From EMIR to MIFIR

The financial crisis has generated a deep revision of the regulation of securities and derivatives markets. This article critically examines the extent to which the current financial reforms introduced by the European Market Infrastructure Regulation (EMIR) and the Markets in Financial Instruments Directive (MiFID 2) and Regulation (MiFIR) expand “public” securities and derivatives markets, while correspondingly reduce the scope of “private” OTC markets. The article also assesses the effects of the reforms in mitigating systemic risks and transaction costs in trading securities and derivatives in Europe