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Article

Shedding Light on the Dark: OTC Equities Trading in Europe

Peter Gomber, Marco Lutat, Axel Pierron and Moritz C. Weber
The Journal of Trading Winter 2011, 6 (1) 74-86; DOI: https://doi.org/10.3905/jot.2011.6.1.074
Peter Gomber
is the Chair of e-Finance in the Faculty of Economics and Business Administration at the University of Frankfurt and is the Co-Chairman of the E-Finance Lab in Frankfurt am Main, Germany.
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Marco Lutat
is a research assistant in e-Finance in the Faculty of Economics and Business Administration at the University of Frankfurt and a research fellow of the E-Finance Lab in Frankfurt am Main, Germany.
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Axel Pierron
is a senior vice-president of the European and Indian research group of Celent in Paris, France.
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Moritz C. Weber
is a research assistant in Business Administration and e-Finance at the University of Frankfurt in Frankfurt am Main, Germany.
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Abstract

The key idea ofMiFID was to establish a comprehensive regulatory regime governing trading in financial instruments in order to promote market efficiency,market integrity, fairness, and competition among various forms of trading mechanisms and venues.Three years after the implementation of MiFID, the reality of European markets reveals that the competition between regulated markets and the newly emerged MTFs works in favor of investors and has improved market quality. In this article, the authors compare the objectives and spirit of MiFID to the status quo and evolution of European equity trading with a specific focus on the role of OTC trading. Their findings contribute to the current industry and regulatory discussion. The authors provide proposals for possible future regulatory adaptations and enhancements.

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The Journal of Trading: 6 (1)
The Journal of Trading
Vol. 6, Issue 1
Winter 2011
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Shedding Light on the Dark: OTC Equities Trading in Europe
Peter Gomber, Marco Lutat, Axel Pierron, Moritz C. Weber
The Journal of Trading Dec 2010, 6 (1) 74-86; DOI: 10.3905/jot.2011.6.1.074

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Shedding Light on the Dark: OTC Equities Trading in Europe
Peter Gomber, Marco Lutat, Axel Pierron, Moritz C. Weber
The Journal of Trading Dec 2010, 6 (1) 74-86; DOI: 10.3905/jot.2011.6.1.074
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  • Article
    • Abstract
    • VENUE CLASSIFICATION
    • METHODOLOGY FOR THE INVESTIGATION OF OTC TRANSACTION SIZES APPLYING MiFID PARAMETERS AND A MEASURE OF MARKET IMPACT (ANOMIS)
    • ANALYSIS OF OTC TRANSACTION SIZES OF HIGHLY LIQUID SHARES
    • ANALYSIS OF OTC TRANSACTION SIZES OF LESS LIQUID SHARES
    • DISCUSSION AND CONCLUSION
    • ENDNOTES
    • REFERENCES
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