While it has often been said that trading is like dancing, exchanges have certainly been dancing with one another for some time, following the need to diversify and cope with the results of a challenging liberalisation process. The proposed merger between NYSE Euronext and Deutsche Börse would...

The current monetary policy framework to avert the ongoing financial disintegration in the eurozone and to break the vicious circle that ties up banks and governments in a death grip (liquidity ring-fencing) does not allow effective policies to deal properly with the problems affecting interbank...

Over the last ten years the European unification project seemed to rely overwhelmingly on progress in economic terms. The most prominent achievements — the Single Market, the harmonisation of market regulation, the euro — were all driven by an economic rationale. However, attempts to rescue...

Purpose – The purpose of this paper is to provide a theoretical framework for the legal classification of trading venues in financial markets. Currently, there is no clear definition of when a trading platform should be classified as multilateral or bilateral. This paper builds a theoretical...