The Structure, regulation, and transparency of European equity markets under MiFID

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      <subfield code="a">The structure and regulation of European equity markets have been the focus of much scrutiny by investors and policymakers in the three years since the implementation of the Markets in financial Instruments Directive (MiFID). Over this period, new trading venues and execution facilities have developed, spurred by regulatory changes and technology, which have increased competition and have fragmented markets. In this report, the authors examine the structure of  European equity markets and the regulatory framework applicable to the different types of trading venues, focusing on the transparency obligations pertaining to each venue and type of trade. They examine reported trade data to determine the transparency of the markets and consider the relationship between transparency and market quality, measured by bidoffer spreads. They offer policy considerations on the basis of the findings</subfield>
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