This policy brief examines the complex web of new European Union conduct rules implemented after the financial crisis, focusing on their potential to foster market transparency. The author, Karel Lannoo, reviews key measures like MiFID II, the updated directive for markets in financial instruments, alongside regulations concerning market manipulation, short selling, and benchmark formation. The brief discusses the structural changes these rules may introduce to Europe's securities markets and evaluates their overall impact.

This ECMI Policy Brief offers a focused review of the post-financial crisis regulatory landscape in the EU, particularly concerning financial intermediaries. The analysis centers on MiFID II and related measures, aiming to dissect their implications for market transparency and structure. The brief is positioned as an evaluation of these complex rules during their implementation phase, suggesting a pragmatic and analytical approach to understanding their impact.