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17 results

Boards and Shareholders in European Listed Companies
  • Facts, Context and Post-Crisis Reforms
  • Edited by Massimo Belcredi, Guido Ferrarini
  • Published online:
    05 October 2013
    Print publication:
    10 October 2013
  • With contributions by distinguished scholars from legal and financial backgrounds, this collection of essays analyses four main topics in the corporate governance of European listed firms: (i) board structure, composition and functioning and their interaction with ownership structure; (ii) board remuneration; (iii) shareholder activism and (iv) corporate governance disclosure based on the 'comply or explain' approach. The authors provide new comparative evidence and analyse its implications for the policy debate. They challenge the conventional wisdom that corporate governance in European firms was systematically dysfunctional. While proposals aimed at increasing disclosure and accountability are usually well-grounded, caution is suggested when bringing forward regulatory changes with respect to proposals targeting specific governance arrangements, especially in the fields of board composition and shareholder activism. They argue that the 'comply or explain' principle should be retained and further efforts should be exercised to enhance disclosure.

  • Reshaping Order Execution in the EU and the Role of Interest Groups: From MiFID I to MiFID II

  • Guido Ferrarini, Niamh Moloney
  • Journal:
    European Business Organization Law Review (EBOR) / Volume 13 / Issue 4 / December 2012
    Published online by Cambridge University Press:
    20 December 2012, pp. 557-597
    Print publication:
    December 2012

  • The controversial and long-awaited Commission Proposals to revise the cornerstone Markets in Financial Instruments Directive 2004 (MiFID I) were presented in October 2011. The Proposals are currently going through the Council and Parliament negotiation process, and final agreement is expected sometime in 2013. This article places these important reforms (together, MiFID II) in context by examining the impact of MiFID I since its application to EU financial markets in November 2007, and by considering what MiFID I's impact suggests for the design of MiFID II. It considers how MiFID I reshaped the EU share trading marketplace and how the dominant interests which shaped MiFID I's regulatory design fared. It also examines how those interest groups are seeking to shape MiFID II, and the implications. It suggests that the influence of interest groups may have led to overly ambitious MiFID II Proposals which are excessively concerned with investment firm and trading platform interests, and not sufficiently focused on the overall efficiency and effectiveness of EU share trading markets. It calls for a more modest approach to reform, based on fine-tuning MiFID I.

  • 26 - Market transparency and best execution: bond trading under MiFID

  • from PART II - Perspectives in financial regulation, SECTION 1: European perspectives
  • Edited by Michel Tison, Universiteit Gent, Belgium, Hans De Wulf, Universiteit Gent, Belgium, Christoph Van der Elst, Universiteit Gent, Belgium, Reinhard Steennot, Universiteit Gent, Belgium
  • Book:
    Perspectives in Company Law and Financial Regulation
    Published online:
    04 August 2010
    Print publication:
    18 June 2009, pp 477-496

  • Summary

    The relationship between best execution and market transparency deserves careful consideration in an analysis of MiFID. Best execution has mainly been studied with respect to equity trading, which is generally exchange based and widely regulated also with respect to market transparency. In this chapter, however, I focus on bond trading, which takes place predominantly over-the-counter (OTC) and is not subject to MiFID's transparency provisions. After introducing the topic (Section I), I offer a critical view of the transparency requirements applicable to equity trades and their formation (Section II). I then examine the recent policy discussion on non-equities market transparency, as reflected in the Report issued by the European Commission under Article 65 (1) of the MiFID, examining whether the requirements for pre-trade and post-trade information should be extended to non-equities markets (Section III). I finally consider the role of best execution in bond markets, focussing on the impact of transparency on order execution for retail investors (Section IV). In Section V, I draw some conclusions.

    Introduction

    A few introductory remarks may help to set this study in context. First of all, the type of instrument traded and the structure of the relevant market have an impact on best execution, as also recognized by the MiFID and its implementing Directive. Shares, to start with, are generally traded in order-driven and centralized markets, such as stock exchanges (and, to a lesser extent, MTFs). Only a fraction of listed shares are traded frequently, mainly in small sizes.

  • Pan-European Securities Markets: Policy Issues and Regulatory Responses

  • Guido A. Ferrarini
  • Journal:
    European Business Organization Law Review (EBOR) / Volume 3 / Issue 2 / June 2002
    Published online by Cambridge University Press:
    17 February 2009, pp. 249-292
    Print publication:
    June 2002

  • In this paper, I analyse some of the policy issues concerning the formation of pan-European securities markets, as well as the regulatory responses which are discussed at EC level with reference to regulated markets and issuers disclosure. By “pan-European securities markets” I intend to refer to those regulated markets which have many intermediaries connected, via remote access, from several European countries and offer trading services with respect to securities issued by companies domiciled in several Member States. I use the same concept to indicate also the primary markets where pan-European securities offers take place. My purpose is to assess the impact of some of the reforms included in the Financial Services Action Plan on the development of pan-European (primary and secondary) markets.