Organised trading for non-equity financial instruments: The MiFID Crusade

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The structure of today’s financial markets is undergoing important changes and reforms. As result of the financial crisis, policy makers are striving to balance efficiency with transparency and market stability. In particular, proposals to push non-equity asset classes (such as bonds, structured products and OTC derivatives) towards more ‘organised’ trading run by exchanges, MTFs and alternative trading platforms have raised concerns on how this process can be efficiently pursued. Specific characteristics of more complex markets, such as over-the-counter derivatives markets, may involve side effects, since unbalanced regulatory actions may change dealers’ incentives to commit capital for trading execution. The conference discussed these issues and forthcoming regulatory reforms with policy makers, regulators, academics and market practitioners.