Abstract
Abstract This chapter examines the harmonized EU rules governing the regulation of the trading process, in particular under the Markets in Financial Instruments Directive II/Markets in Financial Instruments Regulation (MiFID II/MiFIR), the Short Selling Regulation, the Securities Financing Transactions Regulation, and (as regards derivatives markets) the European Market Infrastructure Regulation (EMIR), including the related administrative rules and the supporting supervisory and enforcement arrangements. The chapter considers the evolution and purpose of the regime, including in relation to the impact of the Capital Markets Union agenda and market developments, including the 2021 Gamestop/meme-stock episode and the restrictions placed on short selling over the Covid-19 pandemic. The chapter then considers the different elements of the regime governing trading, including as regards order execution, algorithmic trading, and position management (MiFID II/MiFIR); short selling (Short Selling Regulation); securities financing transactions (Securities Financing Transactions Regulation); and derivatives markets, including as regards central clearing counterparty (CCP) clearing, bilateral risk management, and reporting obligations, and the specific supervisory arrangements that apply to EU CCPs (national supervisors coordinated through ESMA) and trade repositories (supervised by ESMA) (EMIR).
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