The Spanish Securities and Exchange Commission (CNMV) and IE Business School are organizing a one-day conference on the impact and opportunities for improvement of the MiFIDII directive, two years after its implementation. The selection committee is interested in high-quality research papers concerning all topics related to the new regulation including: unbundling of research and execution, trading in dark pools, market transparency and efficiency, market structure and fragmentation, derivatives trading, trading costs and liquidity. The emphasis will be on the lessons that can be learned from the two years of implementation, how these lessons could be applied to other markets and jurisdictions, and the opportunities for improvement upon the current directive. The discussants for the papers will be selected from both academics and industry experts/ regulators.

Those interested in presenting a paper should send a PDF to [email protected] by January 31st, 2020. Authors of accepted papers will be notified by the end of February, 2020. The CNMV will cover travel expenses in economy class for one presenter per paper plus maximum two nights of accommodation in Madrid.

For any question regarding the Conference please write to [email protected]

Roger Edelen (Pamplin College of Business, Virginia Tech)
Richard Evans (Darden School of Business, University of Virginia)
Javier Gil-Bazo (Universitat Pompeu Fabra)
JP Gómez (IE Business School, IE University)
Gregory Kadlec (Pamplin College of Business, Virginia Tech)
Ramiro Losada (CNMV)
Pedro Matos (Darden School of Business, University of Virginia)
Roberto Pascual (Universitat Illes Balears)

Eudald Canadell (CNMV)
M. Isabel Cambón (CNMV)
JP Gómez (IE Business School, IE University)


Technology greatly expanded the set of possible market/payment structures. Which ones look good on paper? And, will they work? Is regulatory intervention needed? This conference will take on these first-order topics.

  • What set of new market/payment structures did technology bring within reach?
  • What structure is desirable? Does it need regulatory intervention?
  • Is Mifid II adequate, or do we need Mifid III?

This conference explores how technology is changing securities markets. The preliminary programme consists of three panel sessions covering three broad themes. Each session will start with a 20-minute talk by a keynote speaker, followed by a panel session.

The conference is by invitation-only. If you wish to be considered for participation, please register your interest here.


The conference will feature original work on the evolution of market structure in in Europe and beyond, especially in light of MiFID II/MiFIR.

Papers are being sought on topics including, but not limited to:

Market Structure
Block vs Non-Block Trading
Lit vs Dark Trading
Modalities of Trading post-MiFID II: Double volume caps and large-in-scale blocks

Best Execution
Meeting Best Execution Requirements
Algorithms and Liquidity
Venue Performance Metrics

Market trends
Consolidated Tape
SME Unbundling
Active vs Passive Trading

All submitted papers will automatically be considered for the Plato MI3 Best Paper Award, which will receive a prize of £2500. PhD Students and Assistant Professors who are fewer than three years post-PhD submitting papers will automatically be considered for the Plato MI3 Best Paper by a Young Researcher Award, which will receive a prize of £1500.

Matteo Regesta, Alessandro Tentori, 04 October 2015

Market liquidity is all about smooth and rapid executions of large transactions. But why is it hard to keep big markets liquid? This column looks at liquidity in fixed-income markets, assesses new trends (as well as the EU’s new market instrument rules), and makes recommendations to policymakers to avoid illiquidity – a timely reminder that the social costs of illiquidity should not be underestimated.


CEPR Policy Research