Purpose–The purpose of this paper is to evaluate how markets in financial instruments
directive (MiFID) and regulation national market system (Reg NMS) affect the competition for …

The SEC is considering the imposition of a trade-at rule which requires venues not at the
inside to either significantly improve on price or route to a venue that is quoting at the inside …

Abstract In November 2007, the Markets in Financial Instruments Directive (MiFID) came into
full effect. MiFID is the most significant European Union legislation for investment …

In equity trading, internalization is the predominant execution method for uninformed order
flow, allowing retail brokers to realize cost savings and thereby offer price improvements to …

More than 70% of today's stocks trade volume is attributable to automatic order execution by
trading algorithms. Yet, despite convincing experimental results, machine learning has so far …

Managing the trade-off between volume and margin is among the most fundamental
challenges for dealers in a securities market. We attempt to overcome this trade-off by …

This paper presents unambiguous evidence that trading European government securities on
EuroMTS contributes to determine their (unobservable) efficient price. Using twenty-seven …

Since the 2008 financial crisis, researchers and policy makers have been looking to
empirical data to distil both what happened and how a similar event can be avoided in the …

This paper (1) proposes new variables to detect informed high-frequency trading (HFT),(2)
shows that HFT can help to predict takeover targets, and (3) shows that HFT influences …

Mifid II is a legislative packaged, made up of the Directive 2014/65/EU and the Regulation
600/2014, which has been recently introduced by the European Union. In Italy, the …