Academic Research on Multilateral Trading Facility (MTF) Domultilateral trading facilitiescontribute to market quality?, Riordan, R., Storkenmaier, A., & Wagener, M. (2011). Do multilateral trading facilities contribute to market quality?. NewConnect in comparison withMultilateral Trading Facilitiesin Europe. Irregularities in the functioning of the PolishMTFMarket, Asyngier, R. (2014). NewConnect in comparison with Multilateral Trading Facilities in Europe. Irregularities in the functioning of the Polish MTF Market.Annales Universitatis Mariae Curie-Skodowska, Sectio H Oeconomia,48(1), 9-23. This paper considers the position of the functioning of the NewConnect market in the last five years. The article provides an analysis of statistical data showing development of the NewConnect market. The article aims to define activity areas of the NewConnect market which inhibits its developments. Catching up with TechnologyThe Impact of Regulatory Changes on ECNs/MTFsand theTradingVenue Landscape in Europe, Gomber, P., & Gsell, M. (2006). Catching up with TechnologyThe Impact of Regulatory Changes on ECNs/MTFs and the Trading Venue Landscape in Europe.Competition and Regulation in Network Industries,1(4), 535-557. With RegNMS in the US and MiFID in the EU, regulators respond to recent years' changes in trading concepts and infrastructures. Both try to catch up with technological advances and intend to create a level playing field between the different types of trading venues and a harmonisation in the order execution process. The paper illustrates and analyses the regulatory environments and the impact of their upcoming changes on ECNs and MTFs with a specific focus on Europe. Competition between financial markets in Europe: what can be expected from MiFID?, Degryse, H. (2009). Competition between financial markets in Europe: what can be expected from MiFID?.Financial Markets and Portfolio Management,23(1), 93-103. This paper documents the expectations of the the Markets in Financial Instruments Directive for new trading platforms in Europe. The paper further argues that more competition will lead to more liquid markets, reflected in lower bidask spreads and greater depth. Politically motivated taxes in financial markets: The case of the french financial transaction tax, Meyer, S., Wagener, M., & Weinhardt, C. (2015). Politically motivated taxes in financial markets: The case of the french financial transaction tax.Journal of Financial Services Research,47(2), 177-202. This paper studies the effects of the introduction of the French financial transaction tax in August 2012. The study aims to show that the financial transaction tax has a strong impact on trading intensity and liquidity supplier behavior. Effects of the competition between multipletradingplatforms on market liquidity: evidence from the MiFID experience, Gresse, C. (2011). Effects of the competition between multiple trading platforms on market liquidity: evidence from the MiFID experience.SSRN eLibrary. Based on high frequency data from eight exchanges and a trade reporting facility for a sample of LSE- and Euronext-listed equities, this article compares global and local liquidity before and after MiFID and investigates how liquidity relates to market fragmentation and internalization. Setting an institutional and regulatory framework fortradingplatforms: Is there a case for a newtradingvenue under MiFID?, Valiante, D. (2013). Setting an institutional and regulatory framework for trading platforms: Is there a case for a new trading venue under MiFID?.Journal of Financial Regulation and Compliance,21(1), 69-83. The purpose of this paper is to provide a theoretical framework for the legal classification of trading venues in financial markets. Currently, there is no clear definition of when a trading platform should be classified as multilateral or bilateral. This paper builds a theoretical framework that will allow regulators to define the border (with its regulatory implications) between multilateral and bilateral trading venues. The MiFID Revolution, Casey, J. P., & Lannoo, K. (2006). The MiFID Revolution.ECMI Policy Brief,3. This book focuses on the long term strategic implications associated with MiFID, and will be essential reading for anybody who recognises that their firm will need to make constant dynamic readjustments in order to remain competitive in this challenging new environment. Public information in fragmented markets, Storkenmaier, A., Wagener, M., & Weinhardt, C. (2012). Public information in fragmented markets.Financial Markets and Portfolio Management,26(2), 179-215. This paper studies the impact of public information on trading and market fragmentation in FTSE 100 stocks on the LSE and on Chi-X, the largest multilateral trading facility in Europe.The study confirms the important role that public information plays in finding the efficient price in equity markets. Fragmentation, competition and market quality: A post-mifid analysis, Riordan, R., Storkenmaier, A., & Wagener, M. (2010). Fragmentation, competition and market quality: A post-mifid analysis. In this paper, the authors study competition between the London Stock Exchange (LSE) and multilateral trading facilities (MTFs) under the Markets in Financial Instruments Directive (MiFID) in FTSE 100 constituents. They find that despite the lack of price protection investors often execute at the best available price. This indicates that price competition is important for investors and that most investors are monitoring multiple markets. The paper aims to show that despite a high level of market fragmentation that the market for FTSE 100 constituents is relatively efficient. Reforming the Regulation ofTradingVenues in the EU under the Proposed MiFID IILevelling the Playing Field and Overcoming Market Fragmentation?, Clausen, N. J., & Srensen, K. E. (2012). Reforming the Regulation of Trading Venues in the EU under the Proposed MiFID IILevelling the Playing Field and Overcoming Market Fragmentation?.European Company and Financial Law Review,9(3), 275-306. This paper explores the introduction of the MiFID reform act, and examines the problems which this act aikms to solve. This paper provides an analysis of how and to what extent the proposed Market in Financial Instrument Directives (MiFID) II will solve these problems.