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Regulating Finance in Europe

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Regulating Finance in Europe

Policy Effects and Political Accountability

9781800379589 Edward Elgar Publishing
Edited by Adrienne Héritier, Emeritus Professor of Social and Political Sciences, European University Institute, Italy and Johannes Karremans, Postdoctoral Researcher, Department of Political Science, University of Salzburg, Austria
Publication Date: 2021 ISBN: 978 1 80037 958 9 Extent: 200 pp
This timely book presents an in-depth investigation of who benefits from European financial market regulatory measures and how decision-makers and stakeholders are held politically and administratively accountable. The extensive study illustrates the full range of the actors involved in key regulatory processes such as the regulation of high-frequency trading and the activities of central-clearing counterparties.

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Critical Acclaim
Contributors
Contents
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This timely book presents an in-depth investigation of who benefits from European financial market regulatory measures and how decision-makers and stakeholders are held politically and administratively accountable. The extensive study illustrates the full range of the actors involved in key regulatory processes such as the regulation of high-frequency trading and the activities of central-clearing counterparties.

Chapters outline how politicians, regulators and market players are linked in various political and administrative accountability mechanisms. Providing analysis of how the accountability channels are linked to policy content, contributors ask whether specific regulatory objectives and results give rise to the mobilising of accountability mechanisms. Regulating Finance in Europe critically examines the implementation of major EU legislative packages in financial regulation (MiFID II and CMU), offering a unique empirical insight into how different modes of accountability in financial market regulation are linked with different policy effects.

This comprehensive yet accessible book will be an invaluable read for politicians and practitioners working in finance as well as academics in EU politics and policies.  It will also provide a useful resource for undergraduate and postgraduate students of political science, law and economics.
Critical Acclaim
‘This book will be of great interest to scholars examining European financial sector governance from legal, sociological, and political science perspectives. The authors have crafted a lucid, insightful, and convincing analysis of procedural and substantive accountability channels and mechanisms in European financial sector governance. They further shed light on who controls decision-making and whether sufficiently robust accountability channels and mechanisms have been put in place in key areas of European securities regulation, such as the governance of high-frequency trading (HFT), central counterparties (CCPs) under the European Market Infrastructure Regulation (EMIR), the Markets in Financial Instruments Directive (MiFID) II, over the counter (OTC) derivatives, and Fintech.’
– Aneta Spendzharova, Maastricht University, the Netherlands

‘This book is a remarkable exploration of present-day European financial markets. It addresses crucial questions about how regulators, policymakers and financial organizations are held accountable through various “accountability mechanisms”. Adrienne Héritier, Johannes Karremans and colleagues insightfully open the black box of European financial markets to reveal their activities and regulatory dynamics to the wider public. This book is an important work for everyone who is interested in the democratic governance of modern-day finance and its algorithmic/quantitative complexities.’
– Andrea Lagna, Loughborough University, UK
Contributors
Contributors: Joseph Ganderson, Adrienne Héritier, Johannes Karremans, Promitheas Peridis, Magnus G. Schoeller, Agnieszka Smoleńska
Contents
Contents:

Preface ix
Acknowledgments xi
List of abbreviations xii
1 Introduction: Regulating finance in Europe: policy effects
and political accountability 1
Adrienne Héritier and Johannes Karremans
2 Accountability mechanisms in the governance of
high-frequency trading under MiFID II 16
Johannes Karremans and Magnus G. Schoeller
3 Policy effects and accountability: unbundling research and
execution under MiFiD II 38
Promitheas Peridis and Adrienne Héritier
4 Critical infrastructure (CCPs): political accountability and
the policy effects of EMIR 71
Agnieszka Smoleńska and Adrienne Héritier
5 Fighting for Fintech: competition, regulation and
accountability in a Europe of financial innovation 101
Joseph Ganderson
6 Benchmark administrators as gatekeepers: accountability
and policy effects 126
Agnieszka Smoleńska and Promitheas Peridis
7 The “quiet politics” of hybrid accountability mechanisms:
watering down regulation through expertise? 155
Johannes Karremans
8 Conclusion: procedural and substantive accountability in
European financial regulation 176
Johannes Karremans and Adrienne Héritier

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