This paper focuses on the impact of financial market infrastructures (FMIs) and of their regulation on the post-crisis transformation of securities and derivatives markets. It examines, in particular, the role that trading and post-trading FMIs, and their new regulatory regime, are playing in...

The financial crisis has generated a deep revision of the regulation of securities and derivatives markets. In this paper, we critically examine the extent to which current reforms, such as the European Market Infrastructure Regulation and the proposed new Markets in Financial Instruments...

In this paper, I tackle the question whether "one share - one vote" should become a European law rule. I examine, first of all the economic theory concerning one share - one vote and its optimality, and the law and economics literature on dual class recapitalizations and other deviations from...

In this paper we argue that, as market mechanisms have worked acceptably well and there has been no investor protection crisis, ICOs and IEOs have so far failed to offer arguments in favour of a mandatory prospectus-like regime. Investors in the blockchain space know where to get information and...

Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments (`MiFID') enhances investor protection in Europe by harmonizing the rules of conduct applicable to investment services providers, including best execution requirements. Under MiFID, Member...

In this paper, I tackle the question whether one share - one vote should become a European law rule. I examine, first of all, the economic theory concerning one share - one vote and its optimality, and the law and economics literature on dual class recapitalizations and other deviations from one...

This paper shows the complexity of some policy issues involved in the reform of European securities regulation and the difficulties encountered in formulating adequate regulatory responses. After reviewing the main criteria which support a claim for securities regulation harmonisation, I analyse...

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...

The financial crisis has generated a deep revision of the regulation of securities and derivatives markets. In this paper, we critically examine the extent to which current reforms, such as the European Market Infrastructure Regulation (EMIR) and the proposed Markets in Financial Instruments...