E-Finance Lab Team

2012

Chlistalla, M. (2012)

The Impact of Regulation on European Equities Markets

In: Verlag Dr. Kovac

Category: Book [Find it]

Abstract

This study investigates the impact of regulation on European equities markets from different perspectives and by using various methodologies. Four research questions aim to shed light on how regulatory objectives impact on securities trading and post-trading. The question whether the lawmaking European institutions are capable to introduce competition into European equities markets and to achieve their regulatory intentions in terms of financial market integration is examined by means of a literature review. The impact of new competition on the liquidity of European securities markets is empirically analyzed by means of two different event studies: one concentrating on the market depth as a liquidity measure and the other employing market resiliency as an indicator for market quality. The impact of regulatory changes on risk management in the European post-trading industry is analyzed by means of a Delphi study. While the a priori perspective hints at the danger of imminent order flow fragmentation and potential negative effects of competition induced by regulation, we find empirical evidence for the legislators’ success in fostering competition between European equities markets. Moreover, we introduce a new measure for a systematic comparison of market quality other than the long-established liquidity measures.

Reference No.: 2012-1952

2011

Chlistalla, M. (2011)

High-frequency trading: Better than its reputation?

In: Focus 09/2011, pp. 7-11; World Federation of Exchanges, Paris

Category: Publications in journals [Find it]

Reference No.: 2011-1889

Chlistalla, M. (2011)

From minutes to seconds and beyond: Measuring order-book resiliency in fragmented electronic securities markets

In: 2011 Southern Finance Association (SFA) Annual Meetings; Key West, Florida

Category: Proceedings

Reference No.: 2011-1865

Chlistalla, M. (2011)

From minutes to seconds and beyond: Measuring order-book resiliency in fragmented electronic securities markets

In: Proceedings of the 19th European Conference on Information Systems (ECIS); Helsinki, Finland

Category: Proceedings

Reference No.: 2011-1792

Chlistalla, M.; Lutat, M. (2011)

Competition in Securities Markets: The Impact on Liquidity

In: Financial Markets and Portfolio Management 25(2), pp. 149-172

Category: Publications in scientific journals [Find it]

Reference No.: 2011-1791

Chlistalla, M. (2011)

Order-book resiliency: The fourth dimension of liquidity

In: 1st European Retail Investment Conference (ERIC), Doctoral Consortium; Stuttgart

Category: Proceedings

Reference No.: 2011-1762

2010

Schaper, T.; Chlistalla, M. (2010)

The Impact of Information Technology on European Post-Trading

In: M.L. Nelson et al. (Eds.): Sustainable e-Business Management, LNBIP 58, pp. 48–62, Springer; Berlin, Heidelberg

Category: Chapter in book [Find it]

Reference No.: 2010-1675

Schaper, T.; Chlistalla, M. (2010)

The Impact of Information Technology on European Post-Trading

In: 16th Americas Conference on Information Systems (AMCIS); Lima, Peru

Category: Proceedings [Find it]

Reference No.: 2010-1627

Chlistalla, M.; Gomber, P.; Schaper, T. (2010)

The Future of the European Post-Trading System

In: EFL Quarterly 02/2010, pp. 6-8; Frankfurt

Category: Other publications

Reference No.: 2010-1606

Chlistalla, M.; Gomber, P.; Schaper, T. (2010)

The Future of the European Post-Trading System - A Delphi Study on the Future of the European Post-Trading System in the Light of Globalization and the Financial Crisis

In: Ibidem-Verlag; Hannover

Category: Book

Abstract

The European post-trading system has changed significantly in the last years and is currently facing enormous challenges, e.g. due to the financial crisis, stricter regulation of financial markets, globalization, and the automation of securities processing. Until now, a systematic assessment of the European post-trading industry is missing in academic literature. Using the Delphi methodology, this study among 158 experts from different areas of the post-trading industry aims to develop a joint and coherent view of what the European post-trading system will look like in the future. It identifies measures for the improvement of the post-trading system and the most important issues concerning risk management and information technologies within this industry.

Reference No.: 2010-1588

Chlistalla, M.; Gomber, P.; Schaper, T. (2010)

The Future of European Post-Trading - Consequences for Risk Management in View of the Financial Crisis

In: Working Paper, presented at the 8th INFINITI Conference on International Finance; Dublin, Ireland

Category: Working papers

Reference No.: 2010-1582

2009

Berger, S.; Chlistalla, M.; Hinz, O. (2009)

Collaboration Structures in Financial Markets - A Social Network Analysis of IPO Syndicates

In: Berger, S.C. (Ed.) Strukturwandel der Wertschöpfung im Bankgeschäft, Innovative Betriebswirtschaftliche Forschung und Praxis, Vol. 248, pp. 123-134; Hamburg

Category: Chapter in book

Reference No.: 2009-1580

Chlistalla, M.; Lutat, M. (2009)

The Impact of new Execution Venues on European Equity Markets’ Liquidity – The Case of Chi-X

In: Value Creation in E-Business Management, 15th Americas Conference on Information Systems AMCIS 2009; SIGeBIZ track, Springer LNBIP, pp. 218-230

Category: Book

Reference No.: 2009-1479

Chlistalla, M.; Schaper, T. (2009)

Modifying the Balanced Scorecard for a Network Industry - The Case of the Clearing Industry

In: Software Services for e-Business and e-Society, 9th IFIP WG 6.1 Conference, I3E 2009; Proceedings, pp. 255-271, Springer, Boston

Category: Book

Reference No.: 2009-1364

Lutat, M.; Chlistalla, M. (2009)

Liquidity in times of competition - Evidence from the European stock market

In: Proceedings of the 13th Pacific Asia Conference on Information Systems (PACIS); Hyderabad, India

Category: Proceedings

Reference No.: 2009-1329

Schaper, T.; Chlistalla, M. (2009)

Deriving a Balanced Scorecard for the European Settlement Industry

In: Proceedings of the Fifteenth Americas Conference on Information Systems (AMCIS); San Francisco, California, USA

Category: Proceedings [Find it]

Reference No.: 2009-1309

Chlistalla, M.; Lutat, M. (2009)

The Impact of new Execution Venues on European Equity Markets’ Liquidity – The Case of Chi-X

In: Proceedings of the Fifteenth Americas Conference on Information Systems (AMCIS); San Francisco, California, USA

Category: Proceedings [Find it]

Reference No.: 2009-1307

Schaper, T.; Chlistalla, M. (2009)

Deriving a Balanced Scorecard for the European Settlement Industry

In: 5th Conference on Performance Measurement and Management Control; Nice, France

Category: Proceedings

Reference No.: 2009-1291

Chlistalla, M.; Schaper, T. (2009)

Modifying the Balanced Scorecard for a Network Industry - The Case of the Clearing Industry

In: 5th Conference on Performance Measurement and Management Control; Nice, France

Category: Proceedings

Reference No.: 2009-1290

2008

Chlistalla, M.; Schaper, T. (2008)

Deriving a holistic Performance Measurement System for the European Clearing Industry

In: International Review of Business Research Papers (IRBRP), vol. 4, no. 4, pp. 279-291; World Business Institute, Melbourne, Australia

Category: Publications in scientific journals [Find it]

Reference No.: 2008-1070

Schaper, T.; Chlistalla, M. (2008)

Modifying the Balanced Scorecard for a Network Industry - The Case of the Clearing Industry

In: 11th Symposium on Finance, Banking and Insurance; Karlsruhe

Category: Proceedings [Password Protected Download] (Please contact the author)

Reference No.: 2008-1069

Chlistalla, M.; Schaper, T. (2008)

Deriving a holistic Performance Measurement System for the European Clearing Industry

In: Proceedings of the Fourteenth Americas Conference on Information Systems (AMCIS); Toronto, Canada

Category: Proceedings [Find it]

Reference No.: 2008-993

Gomber, P.; Chlistalla, M.; Groth, S. (2008)

Neue Börsenlandschaft in Europa? Die Umsetzung der MiFID aus Sicht europäischer Marktplatzbetreiber

In: Zeitschrift für Bankrecht und Bankwirtschaft (ZBB), 1/2008, pp. 2-11; Köln

Category: Publications in scientific journals

Reference No.: 2008-928

Chlistalla, M.; Schaper, T. (2008)

Deriving a holistic Performance Measurement System for the European Clearing Industry

In: Proceedings of the Eighth International Business Research Conference; Dubai, UAE

Category: Proceedings [Password Protected Download] (Please contact the author)

Reference No.: 2008-919

Gomber, P.; Chlistalla, M. (2008)

Implementing MiFID by European execution venues – Between threat and opportunity

In: Journal of Trading, Spring 2008, Volume 3, Number 2, pp. 18-28

Category: Publications in journals [Password Protected Download] (Please contact the author)

Reference No.: 2008-848

Schaper, T.; Chlistalla, M. (2008)

Competitive Clearing in Europe - Development of a Performance Measurement System in a Changing Environment

In: The 6th NTU International Conference on Economics, Finance and Accounting; Taipei, Taiwan

Category: Proceedings [Password Protected Download] (Please contact the author)

Reference No.: 2008-846

2007

Chlistalla, M.; Gomber, P.; Groth, S. (2007)

The New Landscape: How MiFID Drives Changes Among European Execution Venues

In: Journal of Trading, Fall 2007, Volume 2, Number 4, pp. 69-79

Category: Publications in journals

Reference No.: 2007-829

Gomber, P.; Chlistalla, M. (2007)

MiFID - Catalyst for a new trading landscape in Europe?

In: Pre-Conference Proceedings of the 1st Special Focus Symposium on Market Microstructure: From Orders to Prices - Best Execution in the Age of Algo Trading and Event Stream Processing, 1st International Conference on Advances and Systems Research; Zadar, Croatia

Category: Proceedings [Password Protected Download] (Please contact the author)

Reference No.: 2007-827

Gomber, P.; Chlistalla, M.; Gsell, M.; Pujol, G.; Steenbergen, J. (2007)

Umsetzung der MiFID in Deutschland - Empirische Studien zu Status Quo und Entwicklung der MiFID-Readiness der deutschen Finanzindustrie

In: Books on Demand GmbH; Norderstedt

Category: Book [Find it]

Abstract

Zwei empirische Studien unter den 200 größten deutschen Kreditinstituten, die das E-Finance Lab in den Jahren 2006 und 2007 durchgeführt hat, zeichnen ein Bild des Vorbereitungsstatus der deutschen Finanzindustrie auf die ab dem 1. November 2007 anzuwendende EU-Richtlinie "Markets in Financial Instruments Directive" (MiFID). Die Untersuchungen stellen die Einschätzungen der befragten Institute im Hinblick auf Kosten, Nutzeneffekte sowie Wettbewerbspotenziale der MiFID-Anforderungen dar. Es zeigt sich, dass das Thema MiFID in der deutschen Finanzindustrie oftmals primär als regulatorisches Compliance-Thema und weniger als Option zur Hebung strategischer Wettbewerbspotenziale angesehen wird. Best Execution ist das Thema, in dem die Häuser für sich selbst das größte Wettbewerbspotenzial sehen. ISBN-10: 3837004392 ISBN-13: 978-3837004397

Reference No.: 2007-793

Gomber, P.; Chlistalla, M.; Gsell, M.; Pujol, G. (2007)

Status und Entwicklung der MiFID-Umsetzung in der deutschen Finanzindustrie

In: Zeitschrift fuer Bankrecht und Bankwirtschaft (ZBB), Vol. 19, No. 4, pp. 313-324

Category: Publications in scientific journals

Reference No.: 2007-785

Gomber, P.; Chlistalla, M.; Gsell, M.; Pujol, G. (2007)

Ist Deutschland „ready“ für die MiFID?

In: BankPraktiker, Issue 07B, pp. 8-9

Category: Publications in journals

Reference No.: 2007-757

Gomber, P.; Chlistalla, M.; Gsell, M.; Pujol, G. (2007)

Die Umsetzung der MiFID “Markets in Financial Instruments Directive“ in der deutschen Finanzindustrie - Auswertung der 2. MiFID-Studie (März 2007)

Category: Miscellaneous [Password Protected Download] (Please contact the author)

Reference No.: 2007-554