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Competition, Fragmentation and Transparency: Providing the Regulatory Framework for Fair, Efficient and Dynamic European Securities Markets, Assessing the ISD Review. CEPS Task Force Reports No. 46, 1 April 2003

Levin, Mattias. (2003) Competition, Fragmentation and Transparency: Providing the Regulatory Framework for Fair, Efficient and Dynamic European Securities Markets, Assessing the ISD Review. CEPS Task Force Reports No. 46, 1 April 2003. UNSPECIFIED.

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    Abstract

    Since the 1960s, the EU has tried to forge a legal regime for investment services. These efforts have been marred by controversy, with views diverging on the appropriate level of competition in the field of securities trading. In November 2002, the Commission presented its proposal for a revised Investment Services Directive (ISD), the latest part of these efforts. The purpose of this paper is not to make a paragraph-by-paragraph analysis of the 2002 ISD Proposal, probably the most important part of the Financial Services Action Plan (FSAP). Instead, it focuses on the ISD’s attempts to create a regulatory framework adapted to more a contestable trading sector. The report’s main centre of attention is therefore the new transparency regime, in particular the much-debated issue of whether to extend pre-trade requirements to investment firms and concentrates essentially on issues related to cash-equity markets. The aim is to put this at first sight technical debate in perspective by providing a historical overview of Community investment services legislation, explaining how securities markets work, outlining the conflicting forces shaping market structures, providing an overview of changes to market structure during the last decades, explaining the instruments at regulators’ disposal for dealing with dynamic markets, evaluating the regulatory concerns that the market changes give rise to and assessing the appropriateness and feasibility of the Commission’s proposed regulatory framework.

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    Item Type: Other
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > Single Market > capital, goods, services, workers
    EU policies and themes > Policies & related activities > regulations/regulatory policies
    EU policies and themes > EU institutions & developments > institutional development/policy > historical development of EC (pre-1986)
    Subjects for EU documents: UNSPECIFIED
    EU Series: UNSPECIFIED
    ["eprint_fieldname_eusries" not defined]: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > CEPS Task Force Reports
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 02 Sep 2009
    Page Range: p. 114
    Last Modified: 06 Apr 2012 11:44
    URI: http://aei.pitt.edu/id/eprint/9549

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