Les conséquences inattendues de la régulation financière : pourquoi les algorithmes génèrent-ils de nouveaux risques sur les marchés financiers ?

Abstract

Since the enactment of the Markets in Financial Instruments Directive (MiFID) on November 1st, 2007, the institutional landscape and the organization of financial markets in Europe has been witnessing major changes. In this article, we show why the new set of rules fostered the dissemination and use of trading algorithms in European financial markets. We thus put forward the paradox generated by the new wave of regulatory and technological innovation, creating new risks instead of promoting transparency and safeness for issuers and investors.

Keywords

• regulation
• algorithmic trading
• competition
• high frequency trading
• market organization
• MiFID