Examination of the Influence of Private Actors on the Formation of the Markets in Financial Instruments Directive (MiFID)

2022 Fiscal Year Final Research Report

• Project/Area Number: 20K13442
• Research Category: Grant-in-Aid for Early-Career Scientists
• Allocation Type: Multi-year Fund
• Review Section: Basic Section 06020:International relations-related
• Research Institution: Aichi University
• Principal Investigator: Ishida Amane 愛知大学, 地域政策学部, 准教授 (50823910)
• Project Period (FY): 2020-04-01 – 2023-03-31
• Keywords: MiFID / 株式市場 / 金融機関 / 内部化 / 証券取引所 / ストレンジ / 構造的パワー

Outline of Final Research Achievements

This study examines the evolution of stock market regulation in the EU, namely the Investment Services Directive (ISD) and its amendment, the Markets in Financial Instruments Directive (MiFID), with particular reference to the internalisation of stock trading and pre-trade transparency. The study shows (1) that major financial institutions and stock exchanges began to compete with each other for orders on the EU stock market; (2) that they developed different preferences regarding stock market regulation, in particular regarding 'concentration' and 'transparency'; and (3) that through the 'symbiotic relationship' they established with public actors, they exercised structural power, resulting in a shift in stock market regulation.

Free Research Field

国際政治経済学

Academic Significance and Societal Importance of the Research Achievements

従来の研究は，従来のEU研究では，金融機関等の民間アクターが行使した影響力（パワー）が等閑視される傾向があった。これに対し，本研究の学術的独自性は，MiFIDの形成において，金融機関と証券取引所が行使した構造的パワーを明らかにした点である。このことにより，本研究は，ダークプールの形成・拡大というEUにおける金融の不安定化が，欧州委員会等の政治的アクターと金融機関等の民間アクターの「共同作業」の結果として引き起こされたことを浮き彫りにした。