LEADER 05480nam 2200673 a 450 001 9910143738303321 005 20170815121033.0 010 $a1-119-20846-7 010 $a1-280-94132-4 010 $a9786610941322 010 $a0-470-51711-5 035 $a(CKB)1000000000356197 035 $a(EBL)309821 035 $a(OCoLC)476092372 035 $a(SSID)ssj0000160233 035 $a(PQKBManifestationID)12008220 035 $a(PQKBTitleCode)TC0000160233 035 $a(PQKBWorkID)10183696 035 $a(PQKB)11680291 035 $a(MiAaPQ)EBC309821 035 $a(EXLCZ)991000000000356197 100 $a20070330d2007 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 04$aThe future of investing$b[electronic resource] $ein Europe's markets after MiFID /$fedited by Chris Skinner 210 $aChichester, England ;$aHoboken, NJ $cJohn Wiley$dc2007 215 $a1 online resource (293 p.) 225 1 $aWiley finance 300 $aDescription based upon print version of record. 311 $a0-470-51038-2 320 $aIncludes bibliographical references and index. 327 $aThe Future of Investing; Contents; About Chris Skinner; About the Contributors; Acknowledgements; Introduction; Part 1 MiFID's Vision, Rules and Requirements: the Principles; 1 The Benefits, Opportunities and Challenges of MiFID; 1.1 Anticipated benefits of MiFID; 1.1.1 Increased competition; 1.1.2 Enhanced investor protection; 1.1.3 Increased transparency; 1.1.4 More effective regulatory co-operation; 1.1.5 Deregulation and the principles-based approach; 1.2 Opportunities and challenges; 1.3 Conclusion; 2 An Overview of MiFID; 2.1 The Lamfalussy process 327 $a2.2 Lamfalussy Level 1, legislation and directives2.3 Lamfalussy Level 2, technical implementation and advice; 2.4 Instruments affected by Level 2 measures; 2.5 Lamfalussy Level 3, local conduct of business rules; 2.6 Lamfalussy Level 4, enforcement of rules; 2.7 MiFID's detailed provisions; 2.8 Organisational requirements; 2.9 Conduct of business requirements; 2.9.1 Client classification; 2.9.2 Marketing; 2.9.3 Information about the firm and its services; 2.9.4 Client agreements; 2.9.5 Suitability and know your customer; 2.9.6 Appropriateness and execution-only services 327 $a2.9.7 'Best Execution'2.9.8 Client order handling; 2.9.9 Reporting information to clients; 2.10 Markets and transparency; 2.10.1 Pre- and post-trade transparency; 2.10.2 Pre-trade transparency; 2.10.3 Post-trade transparency; 2.10.4 Transaction reporting; 2.10.5 Cross-border business, branching, passporting; 2.10.6 Use of tied agents; 2.11 Conclusions; 3 'Best Execution'; 3.1 The Investment Services Directive (ISD); 3.2 'Best Execution' and asset managers; 3.3 'Best Execution' - processes, policies and practices; 3.4 The trading venue; 3.5 The solution for 'Best Execution' compliance? 327 $a3.6 'Best Execution' and client classification3.7 The MiFID Joint Working Group (JWG), 'Best Execution' Subject Group; 3.8 Approaches to 'Best Execution' No. 1: benchmarking; 3.9 Approaches to 'Best Execution' No. 2: proactive process management; 3.10 Approaches to 'Best Execution' No. 3: 'laissez-faire'; 3.11 Summary of approaches to 'Best Execution'; 3.12 Conclusions; 4 Client Classification; 4.1 Why the detailed focus on client classification?; 4.2 Client classification drives client protection requirements; 4.3 Flexible regime; 4.4 Implications for firms 327 $a4.4.1 MiFID drives firms to truly know their clients4.4.2 Firms need to pay close attention to client-facing staff training; 4.4.3 Data storage requirements are significant; 4.5 Conclusion; 5 Passporting; 5.1 Not quite so simple; 5.2 What should an approved firm do?; 5.3 What's next for investment firms?; 5.4 How about suitability and appropriateness?; 5.5 The least cost option - reception and transmission of orders; 5.6 So what exactly is involved in providing 'Best Execution'?; 5.7 Is that all?; 5.8 Will MiFID really make a difference?; 5.9 I don't believe it 327 $aPart 2 MiFID's Regulatory Regime: Will it Work? 330 $aThe Markets in Financial Instruments Directive (MiFID) is the biggest change programme Europe's capital markets have ever attempted. It takes all the protection away from Europe's Stock Exchanges and forces investment banks, brokers and dealers to guarantee best execution. The organisational, process and technology changes demanded by the MiFID are massive. In order to understand these challenges, industry commentator Chris Skinner has gathered the views of Europe's leading figures in the MiFID community to discuss its implications. From an introduction from the European Business School and 410 0$aWiley finance series. 606 $aSecurities$zEuropean Union countries 606 $aInvestments$xLaw and legislation$zEuropean Union countries 606 $aBanks and banking$xSecurities processing$zEuropean Union countries 608 $aElectronic books. 615 0$aSecurities 615 0$aInvestments$xLaw and legislation 615 0$aBanks and banking$xSecurities processing 676 $a332.6 676 $a346.24/092 701 $aSkinner$b Chris$0897360 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910143738303321 996 $aThe future of investing$92004801 997 $aUNINA