Universität Wien

040074 SE Seminar (MA) (2017W)

MiFiD II and the Structure of European Trading Places

4.00 ECTS (2.00 SWS), SPL 4 - Wirtschaftswissenschaften
Continuous assessment of course work
Moodle

Registration/Deregistration

Note: The time of your registration within the registration period has no effect on the allocation of places (no first come, first served).

Details

max. 24 participants
Language: English

Lecturers

Classes (iCal) - next class is marked with N

  • Monday 02.10. 15:00 - 16:30 Seminarraum 4 Oskar-Morgenstern-Platz 1 1.Stock
  • Monday 09.10. 15:00 - 16:30 Seminarraum 4 Oskar-Morgenstern-Platz 1 1.Stock
  • Monday 16.10. 15:00 - 16:30 Seminarraum 4 Oskar-Morgenstern-Platz 1 1.Stock
  • Monday 23.10. 15:00 - 16:30 Seminarraum 4 Oskar-Morgenstern-Platz 1 1.Stock
  • Monday 30.10. 15:00 - 16:30 Seminarraum 4 Oskar-Morgenstern-Platz 1 1.Stock
  • Monday 06.11. 15:00 - 16:30 Seminarraum 4 Oskar-Morgenstern-Platz 1 1.Stock
  • Monday 13.11. 15:00 - 16:30 Seminarraum 4 Oskar-Morgenstern-Platz 1 1.Stock
  • Monday 20.11. 15:00 - 16:30 Seminarraum 4 Oskar-Morgenstern-Platz 1 1.Stock
  • Monday 27.11. 15:00 - 16:30 Seminarraum 4 Oskar-Morgenstern-Platz 1 1.Stock
  • Monday 04.12. 15:00 - 16:30 Seminarraum 4 Oskar-Morgenstern-Platz 1 1.Stock
  • Monday 11.12. 15:00 - 16:30 Seminarraum 4 Oskar-Morgenstern-Platz 1 1.Stock
  • Monday 08.01. 15:00 - 16:30 Seminarraum 4 Oskar-Morgenstern-Platz 1 1.Stock
  • Monday 15.01. 15:00 - 16:30 Seminarraum 4 Oskar-Morgenstern-Platz 1 1.Stock
  • Monday 22.01. 15:00 - 16:30 Seminarraum 4 Oskar-Morgenstern-Platz 1 1.Stock
  • Monday 29.01. 15:00 - 16:30 Seminarraum 4 Oskar-Morgenstern-Platz 1 1.Stock

Information

Aims, contents and method of the course

http://finance.univie.ac.at/fileadmin/user_upload/inst_finanzwirtschaft/040074_SE_WS_2017_MiFID_and_the_Structure_of_European_Trading_Places_-_0917_-_Topics-1-1.pdf

How will the industrial structure of trading places for financial securities evolve in the future? This question is not only topical after Brexit but addresses a general concern. Will competition under economies of scale naturally lead to concentration of trading at one dominant exchange, or will the market with the help of electronic technology fragment into many smaller spokes trading centers? How will that structure affect price discovery and transactions costs?
The geographical location of trading will depend on the interaction of centrifugal and centripetal forces. These forces are affected by local information, liquidity and market depth, but also by communication technologies as well as regulation. In fact, many argue that because of the technological advances regulations has become key in determining the industrial structure of trading.
Hence the purpose of this seminar is to scrutinize the role of regulation and discuss the long-term structural consequences of the regulation currently implemented in the European market. The US experience of implementing NMS-regulation will be particularly helpful in assessing likely consequences and avoiding potential pitfalls.

Assessment and permitted materials

Seminar thesis (40%)
Presentation (30%)
Active discussion of work of peers (30%)
Attendance mandatory. Course organization will be introduced and the presentation schedule will be arranged in the first meeting at October 2nd. Failure to show up in the first meeting may result in the non-availability of presentation slots.

Minimum requirements and assessment criteria

Grading is based on three elements:
1. The worked out seminar paper (40 points).
Each candidate has to submit a single-authored paper not exceeding 12 pages.

The seminar draft has to be submitted one week prior to the presentation in electronic form. This version is distributed to seminar participants in order to allow them preparation. After the presentation the paper can still be improved.

Final submission for all papers is February 2nd, 2018. Thereafter no corrections are possibly anymore.

2. Presentation of the seminar paper (30 points)

Presentations can be shared, but each candidate will be assessed on his/her own part.

3. Course participation (30 points)

Active preparation and active participation are required, which requires regular participation. You will be asked questions even if you are not presenting in order to generate discussions. If you are repeatedly denying answers, this will affect your grade. Likewise repeatedly missing sessions will not help to increase your score. You will not be able to score more than 5 points per meeting.

Examination topics

Seminar discussion

1. Historical Evolution of Securities Trading

a. Structure of Exchanges in the USA
b. Structure of Exchanges in Europe
c. Structure of Exchanges in Asia

2. Geography of Securities Trading

a. Role of local information in the internet era
b. Competition between financial centers
c. Cross-Listings and the Geography of Trading

3. MiFID and the Regulation of Securities Trading

a. Potential market failures in securities trading
b. Regulation NMS
c. MiFID

4. Crossing Networks and Dark Trading

a. Should proprietary trading be banned?
b. Non-discriminatory access to trading places?
c. Fragmentation and price discovery

Reading list

http://finance-archive.univie.ac.at/fileadmin/user_upload/inst_finanzwirtschaft/040074_SE_WS_2017_MiFID_and_the_Structure_of_European_Trading_Places_-_0917_-_Topics-1-1.pdf

Association in the course directory

Last modified: Mo 07.09.2020 15:28