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Title: The Main Effects of MiFID on European Capital Markets and European Integration
Authors: Panagopoulos, Athanasios
Chatzigagios, Thomas
Dokas, Ioannis
Type: Article
Subjects: FRASCATI::Social sciences
FRASCATI::Social sciences::Economics and Business
Keywords: MiFID
Capital Markets
European Integration
Financial Markets
Issue Date: 2015
Source: International Journal of Business Administration
Volume: 6
Issue: 5
First Page: 52
Last Page: 62
Part of Series: International Journal of Business Administration
Part of Series: International Journal of Business Administration
Abstract: This paper aims the research whether the application of European Directive MiFID, had any significant effects on the European Capital Markets and the progress of the European Integration. This new regulation specifies the tasks and responsibilities of the supervisory authorities of the Member State of origin and the host Member State, in order to enhance the certainty of effectiveness of cross border transactions supervision and to reduce the risk of imposing unnecessary legal reforms from the host Member State on investment firms which perform cross border transactions. The research work focuses on the existing regulation and the literature for MiFID and European Integration and on whether the set of its regulation reforms could aim (or not) in contributing to excess of the European Capital markets and Institutions as long as the financial integration of EU. The reasons for the different degrees of integration and liberalization, is essentially related to financial structures. Under this reasoning, we have examined the effects on European Financial Market Integration concerning banks, Stock Exchanges and financial intermediaries and we have concluded, among others, that the aligning of the national regulatory approaches to a common European regulatory system is quite necessary. We finally conclude that MiFID will contribute to reduce problems at country level as the previous experience of the Investment Services Directive, where the European investments and economies of Member States were based mainly on the level of "country" and not of the "sector".
ISSN: 1923-4007
Other Identifiers: 10.5430/ijba.v6n5p52
Appears in Collections:Department of Business Administration

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