Gen 07
abstract del documento in inglese
In this Chapter, we examine the new rules concerning the internalisation of trading orders by investment intermediaries included in the Directive on Markets in Financial Instruments (MiFID). We analyse, first of all, the interplay amongst different interest groups in the legislative process that led to the MiFID. We also try to assess the Lamfalussy regulatory architecture in the light of the MiFID and its formation. We argue, in particular, that the Directive went too far in formulating its core principles in the area of internalisation. For instance, the limit order ‘display rule’ and the ‘quote rule’ were specified in the MiFID rather than left to level 2 measures or level 3 actions by CESR. Continua »