European Union’s Financial Services Action Plan (FSAP) which came into effect in all 27-member states on November 1, 2007. This Directive has recognized three types of order execution venues: Regulated Markets (RMs), Multilateral Trading Facilities (MTFs), and Systematic Internalizers (SIs). Furthermore, it abolished the so-called “Concentration rule” and it ended the quasi-monopoly of traditional Exchanges (in an unpredictable way) and enabled for Multilateral Trading Facilities (MTFs) to compete for order flow. Enough to observe that in some European countries BATS Chi-X Europe (the greatest MTF) holds more than 30% market share. The CESR (Committee of European Securities Regulators) dataset comprises 150 Multilateral Trading Facilities in Europe; the country with the greatest number of MTFs is United Kingdom as 74, followed by Germany with 13 MTFs and from the Italy with 9 Multilateral Trading Facilities. These data are evidence of the importance of Multilateral Trading Facilities and even more if you think that the landscape of Regulated Markets (RMs) in Europe counts 104 Stock Exchanges with the country with the greatest number of RMs is Germany (15). The aim of this research is to analyze, through an empirical analysis, the characteristics of the Multilateral Trading Facilities in the period 2008 - 2014 going to identify the regulatory and economic dynamics and their development. A special case is Spain, where in the beginning the Multilateral Trading Facilities haven’t had the success observed in other countries, but only in 2012 they started to growth with a clear delay respect to the other European countries. We will focus on the identification and analysis of factors that have led to this scenario.
The Launch of Alternative Trading Venues and Their Evolution in the European Union: Spanish Exchanges
DI FEBO, ELISA;ANGELINI, Eliana
2015-01-01
Abstract
European Union’s Financial Services Action Plan (FSAP) which came into effect in all 27-member states on November 1, 2007. This Directive has recognized three types of order execution venues: Regulated Markets (RMs), Multilateral Trading Facilities (MTFs), and Systematic Internalizers (SIs). Furthermore, it abolished the so-called “Concentration rule” and it ended the quasi-monopoly of traditional Exchanges (in an unpredictable way) and enabled for Multilateral Trading Facilities (MTFs) to compete for order flow. Enough to observe that in some European countries BATS Chi-X Europe (the greatest MTF) holds more than 30% market share. The CESR (Committee of European Securities Regulators) dataset comprises 150 Multilateral Trading Facilities in Europe; the country with the greatest number of MTFs is United Kingdom as 74, followed by Germany with 13 MTFs and from the Italy with 9 Multilateral Trading Facilities. These data are evidence of the importance of Multilateral Trading Facilities and even more if you think that the landscape of Regulated Markets (RMs) in Europe counts 104 Stock Exchanges with the country with the greatest number of RMs is Germany (15). The aim of this research is to analyze, through an empirical analysis, the characteristics of the Multilateral Trading Facilities in the period 2008 - 2014 going to identify the regulatory and economic dynamics and their development. A special case is Spain, where in the beginning the Multilateral Trading Facilities haven’t had the success observed in other countries, but only in 2012 they started to growth with a clear delay respect to the other European countries. We will focus on the identification and analysis of factors that have led to this scenario.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
