Boskovic, TanjaCerruti, CarolineNoel, Michel2013-05-232013-05-232010978-0-8213-8253-01726- 5878https://hdl.handle.net/10986/13528The purpose of this paper is to compare the European Union (EU) and United States (U.S.) securities regulations. In November 2007, the market in financial instruments directive 2004/39/EC (MiFID) came into force in the EU, and brought about deep changes in the market infrastructure. The same year regulations National Market System (NMS) in the U.S. was fully enacted and reformed equities markets. This study compares MiFID with the corresponding U.S. regulations, and primarily focuses on the regulatory and supervisory framework, trading venues, and the provision of investment services. Implementation of the rules enforcement and right to redress are beyond the scope of this paper. Likewise, the paper does not intend to judge the effectiveness of the two regulatory systems.en-USCC BY 3.0 IGOAdequacycapital formationcapital marketsCapital Requirementcapital requirementscash settlementCDScentral bankscheckscollective investmentCollective Investmentscommercial banksCommodityCompany Lawconflict of interestconflicts of interestCopyright ClearanceCopyright Clearance Centercorporate bondscorporate governancecountry to countryCredit DefaultCredit Default Swapscredit derivativescredit institutionscredit ratingcredit rating agencycurrencydebtderivativederivative marketderivativesdisclosure requirementdisclosure requirementsdue diligenceefficient marketsElectronic Communicationenforcement proceduresequitiesequity marketsEquity securitiesequity tradingExchange CommissionexposureexposuresFederal ReserveFederal Reserve SystemfinancesFinancial Crisisfinancial institutionFinancial InstitutionsFinancial InstrumentFinancial Instrumentsfinancial marketfinancial marketsFinancial SectorFinancial Servicesfinancial systemFixed Incomefixed income securitiesflow of informationforeign banksframework for securitiesfraudfraudsFuturesfutures contractsgovernment bondgovernment bond marketgovernment bondsgovernment securitiesharmonizationHedge fundHedge fund managershedge fundsHoldingHolding CompaniesHolding Companyholdingsincome tradingindividual investorsinformed investorsinsider dealinginsider tradinginstitutional investorsinstrumentinsuranceinsurance companiesinterest ratesInternational Bankinternational financial crisisInternational SecuritiesInternational Settlementsinvestment activitiesinvestment bankinvestment banksinvestment decisionsinvestment policiesinvestment regulationinvestment riskinvestment risksInvestor protectionlegal provisionslevel playing fieldliquid assetsLiquiditymargin requirementsmarket conditionsMarket Datamarket depthmarket informationmarket infrastructuremarket liquiditymarket participantsmarket pricemarket pricesMarket Securitiesmarket shareMarket Sharesmarket sizemarket surveillanceMarket TransparencyMinimum capital requirementsMoney Launderingmoney marketmoney market instrumentsMunicipal bondsMunicipal Securitiesmutual fundsnational securitiesorderly tradingownership structurepensionpension fundsportfolioportfolio managementPrice Discoveryprice transparencyprofessional investorsprotection of investorsprudential supervisionspublic companiespublic debtpublic offeringregistration of securitiesregulatorRegulatory AuthorityRegulatory Frameworkregulatory frameworksregulatory systemsreputationReserve RequirementsRetail investorsrisk managementsale of investmentsavingsscandalsecondary marketsecondary marketsSecuritiessecurities activitiessecurities brokerSecurities DealersSecurities ExchangeSecurities Exchangessecurities industrysecurities lawsSecurities MarketSecurities Marketssecurities registrationsecurities regulationSecurities RegulationsSecurities Regulatorssecurities transactionsecurities transactionssecurity futuressecurity priceshare of equityshareholderssmall businessStock ExchangeStock MarketstocksSystemic Risksystemic riskstaxtradesTradingTrading SystemTrading SystemsTrading venuetrading volumetransactiontransaction costsTransferable SecuritiesTransparencyTreasuryWarehouseWorld Bank10.1596/978-0-8213-8253-0