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MiFID II: Regulation of Financial Trading Facilities in the EU
Abstract.The article is devoted to important changes happening on the global financial market. Based on a particular example of financial regulation, the author of the article examines the process of improving the legal basis of the single European financial market. He notes that the common legal framework of the European Union is extended not only extensively but also intensively due to implementation of new kinds of trading in the financial sphere. The author analyzes the main kinds of trading facilities, in partciular, regulated markets, multilateral trading facilities, and organised trading facilities taking into account the second 'Markets in Financial Instruments Directive' (MiFID II) and 'Markets in Financial Instruments Regulation' (MiFIR). In the course of his analysis Kasyanov has used general and special research methods such as analysis and synthesis, generalisation, comparison, historical and systems approaches. In conclusion the author notes that according to MiFID II organised trading kinds being viewed in this article are in fact trading facilities and thus subject to the provisions of MiFID II and MiFIR. New laws and guidelines are supposed to bring regulation of multilateral trading facilities (MTF) to an advanced level and fill in the gap in regulation of organised trading facilities (OTFs).
Keywords: MiFID II, financial instrument, Organised Trading Facility, Multilateral Trading Facility, Regulated Markets, EU law, single financial market, European Union, MIFIR, financial law
Article was received:19-04-2018
This article written in Russian. You can find full text of article in Russian here .