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...

Foundations of capital markets legislature in Europe -- Basics of capital markets law -- Market integrity -- Disclosure system -- Trading activities -- Intermediaries -- Financial services -- Organisational requirements for investment firms -- Regulation of benchmarks -- Takeover law -- Conclusion

The Market Abuse Regulation (MAR) entered into force in 2016 within the European Union, which introduced a fully harmonized ban on market manipulation. Even though the regulation is quite detailed, the terms used to define market manipulation are relatively vague and open-ended. In What Is...