摘要
《金融工具市场指令》(MiFID)作为欧盟《金融服务行动计划》的一部分,旨在欧盟区域内建立起统一的金融服务市场,并给欧盟的金融市场注入更多的竞争因素。MiFID规定了规范市场(交易所)、多边交易设施以及系统化内部撮合商三种交易场所,取消了"集中规则",并且规定了"最佳执行"的义务。MiFID对交易场所间的竞争产生如下影响:多边交易设施的建立,加剧与传统交易所的竞争;新的交易场所的规定,加速证券交易所的合并进程;"最佳执行"的规定,让新的交易场所喜忧参半。
As a part of the Financial Services Action Plan of EU, Markets in Financial Instruments Directive （MiFID） aims to set up a unified financial service market in European region and input more competition factors to EU financial market. MiFID stipulates three kinds of trading venues including regulated markets （exchanges）, multilateral trading facilities and systematic intemaliser, eliminates the ‘concentration＇ provisions and requires ‘best execution＇ obligation. MiFID has the following impacts on competition between trading venues： the set up of multilateral trading facilities intensifies the competition with traditional exchanges; the stipulation of new trading venues speeds up the combination of stock exchanges; the requirement of ‘best execution＇ obligation brings new trading venues both joy and concern.
出处
《证券市场导报》
CSSCI
北大核心
2008年第7期49-55,共7页
Securities Market Herald
