TY  - UNPD
A1  - Gomber, Peter
T1  - The german equity trading landscape
T2  - SAFE white paper series, 34
N2  - This paper describes cash equity markets in Germany and their evolution against the background of technological and regulatory transformation. The development of these secondary markets in the largest economy in Europe is first briefly outlined from a historical perspective. This serves as the basis for the description of the most important trading system for German equities, the Xetra trading system of Deutsche Börse AG. Then, the most important regulatory change for European and German equity markets in the last ten years is illustrated: the introduction of the Markets in Financial Instruments Directive (MiFID) in 2007. Its implications on equity trading in Germany are analyzed against the background of the current status of competition in Europe. Recent developments in European equity markets like the emergence of dark pools and algorithmic / high frequency trading are portrayed, before an outlook on new regulations (MiFID II, MiFIR) that will likely come into force in early 2018 will close the paper.
T3  - SAFE white paper series - 34 
KW  - MiFID II
KW  - MiFIR
KW  - equity trading
KW  - electronic trading
KW  - cash equity markets
Y1  - 2016
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/39592
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-395922
UR  - http://safe-frankfurt.de/policy-center/publications/policy-publ-detailsview/publicationname/the-german-equity-trading-landscape.html
IS  - February 2016
PB  - SAFE, Sustainable Architecture for Finance in Europe
CY  - Frankfurt am Main
ER  -