Overview

Over the last decade the securities industry revolutionized. Technological and market innovations urged regulators to respond by updating the rules on securities trading. While in the U.S. traditional stock exchanges were under attack from electronic trading systems (ECNs), the European Union wanted to increase competition by abolishing the monopoly of traditional exchanges and by allowing systemic internalization by banks. The first part of this book focuses on the front-office of securities trading. It discusses the impact of alternative trading systems (ATSs), the regulatory response through MiFID and RegNMS, the appearance of multilateral trading facilities (MTFs), and the use of dark pools. Although the trading practice has been adjusted to the new challenges, the back-office did not follow suit. The European clearing and settlement industry has been fragmented for many years. Since MiFID allows trading venues to choose the route for clearing and settlement, the need for adjustments down the trading chain is urgent. The book discusses the competition and externalities of this network industry, cross-border central securities depositories (CSDs), systemic risk and central counterparty (CCP), the market consolidation process (Link-Up Markets), as well as the initiative of the ECB by launching the TARGET 2 Securities (T2S) project. The book aims at practitioners, executive and market professionals from the banking and securities industry as well as academics, who want to update their insights and knowledge about the profound changes in securities trading, clearing and settlement in Europe. Readers will find state-of-the-art discussions about MiFID, dark pools, T2S and so on.

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9789050959735

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Peter-Jan Engelen is Associate Professor of Finance at Utrecht University, the Netherlands, where he coordinates the Business Strategy & Governance Research Cluster. Before he was Program Director of the Joint Bachelor Degree in Economics and Business with LUISS (Italy) and Program Director of the Master Program International Economics and Business at Utrecht University. His expertise focuses on Innovation Finance and on Institutions-based Corporate Finance. In these two areas he conducts research, publishes, consults and gives lectures and trainings. His work in Innovation Finance focuses on entrepreneurial financing decisions (Going public process, IPOs, crowdfunding, and venture capital) as well as on investment decisions under uncertainty. He applies real option models to analyze business decisions in highly complex and innovative industries: pharmaceutical R&D, business model innovations in ICT, infrastructure projects, renewable energy (hydrogen, CCS) and sustainable resources (recycling). His second area of expertise analyzes the impact of institutions on corporate financing decisions of companies and on the functioning of financial markets. He focuses on formal institutions such as country-level regulations (investor protection, disclosure regulation, securities regulation), semi-formal institutions such as firm-level corporate governance configurations, board composition and board diversity as well as informal institutions such as trust, reputation, CSR and business ethics. His work has been published in Journal of Banking and Finance, Research Policy, Technovation, Corporate Governance An International Review, Journal of Business Finance and Accounting, and Journal of Business Ethics, among others.

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