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Article
Publication date: 27 July 2010

Giovanni Petrella

The purpose of this paper is to evaluate how markets in financial instruments directive (MiFID) and regulation national market system (Reg NMS) affect the competition for order…

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Abstract

Purpose

The purpose of this paper is to evaluate how markets in financial instruments directive (MiFID) and regulation national market system (Reg NMS) affect the competition for order flow among trading venues in, respectively, Europe and the USA.

Design/methodology/approach

The paper examines the differences between MiFID and Reg NMS and provides, based on market microstructure principles, insights as to their likely impact on European and the US securities markets.

Findings

Although MiFID and Reg NMS share the common objective of enhancing competition in securities markets, they adopt different provisions with respect to three issues that strongly influence the competition for order flow among trading venues. Specifically, some of the provisions set forth by the US regulation with respect to the best execution duty, the consolidation of market data and the disclosure of execution quality information appear to be more effective, compared to the European Union ones, in strengthening competition for order flow among trading venues.

Research limitations/implications

Regulatory factors can only partly explain the current structure of the European and US securities markets. Technology and heterogeneity in traders' demand are other important factors that concur in shaping the European and US markets.

Practical implications

The degree of competition for order flow among trading venues depends on how regulations define the best execution duty, the availability of updated and consolidated pre‐trade (i.e. quotations) and post‐trade (i.e. transactions) information and the efficiency of post‐trading infrastructures.

Originality/value

The paper addresses issues not yet investigated and provides valuable insights for financial intermediaries, incumbent and prospective exchanges as to the competition in the securities industry, and to regulators as to the likely impact of the new regulations.

Details

Journal of Financial Regulation and Compliance, vol. 18 no. 3
Type: Research Article
ISSN: 1358-1988

Keywords

Available. Content available
Book part
Publication date: 6 January 2016

Abstract

Details

Dynamic Factor Models
Type: Book
ISBN: 978-1-78560-353-2

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Article
Publication date: 8 February 2024

Casper Hendrik Claassen, Eric Bidet, Junki Kim and Yeanhee Choi

This study aims to assess the alignment of South Korea’s government-certified social enterprises (GCSEs) with prevailing social enterprise (SE) models, notably the entrepreneurial…

131

Abstract

Purpose

This study aims to assess the alignment of South Korea’s government-certified social enterprises (GCSEs) with prevailing social enterprise (SE) models, notably the entrepreneurial nonprofit, social cooperative and social business models delineated in the “Emergence of Social Enterprises in Europe” (Defourny and Nyssens, 2012, 2017a, 2017b) and the “principle of interest” frameworks (Defourny et al., 2021). Thereby, it seeks to situate these enterprises within recognized frameworks and elucidate their hybrid identities.

Design/methodology/approach

Analyzing panel data from 2016 to 2020 for 259 GCSEs, this study uses tslearn for k-means clustering with dynamic time warping to assess their developmental trajectories and alignment with established SE models, which echoes the approach of Defourny et al. (2021). We probe the “fluid” identities of semi-public sector SEs, integrating Gordon’s (2013) notion that they tend to blend various SE traditions as opposed to existing in isolation.

Findings

Results indicate that GCSEs do align with prevalent SE frameworks. Furthermore, they represent a spectrum of SE models, suggesting the versatility of the public sector in fostering diverse types of SEs.

Originality/value

The concept of a semi-public sector SE model has been relatively uncharted, even though it holds significance for research on SE typologies and public sector entrepreneurship literature. This study bridges this gap by presenting empirical evidence of semi-public SEs and delineating the potential paths these enterprises might take as they amalgamate various SE traditions.

Details

Social Enterprise Journal, vol. 20 no. 3
Type: Research Article
ISSN: 1750-8614

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