This article analyses and discusses the new MiFID II and MiFIR rules for the EU financial markets. In particular, it analyses the terms ‘regulated market', ‘MTF', ‘OTF' and ‘(systemic) internalisation'. It also discusses (i) pre-trade and post-trade transparency, (ii) transaction...

On 3 January 2018 – some ten years later – the MiFID regime will be replaced by MiFID II, which comprises, among other things, a directive (MIFID II), the Markets in Financial Instruments Regulation (MiFIR) and a truly impressive number of implementing measures, commonly referred to as level...

Sketched in the aftermath of the financial crisis of 1929, US capital markets law was in large parts an example to the relatively young European capital markets law. After another financial crisis which showed the fragility of the financial markets in recent times, this article seeks to sketch...