Regulating Finance in Europe

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

‘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.’

• Contents:Preface ixAcknowledgments xiList of abbreviations xii1 Introduction: Regulating finance in Europe: policy effectsand political accountability 1Adrienne Héritier and Johannes Karremans2 Accountability mechanisms in the governance ofhigh-frequency trading under MiFID II 16Johannes Karremans and Magnus G. Schoeller3 Policy effects and accountability: unbundling research andexecution under MiFiD II 38Promitheas Peridis and Adrienne Héritier4 Critical infrastructure (CCPs): political accountability andthe policy effects of EMIR 71Agnieszka Smoleńska and Adrienne Héritier5 Fighting for Fintech: competition, regulation andaccountability in a Europe of financial innovation 101Joseph Ganderson6 Benchmark administrators as gatekeepers: accountabilityand policy effects 126Agnieszka Smoleńska and Promitheas Peridis7 The “quiet politics” of hybrid accountability mechanisms:watering down regulation through expertise? 155Johannes Karremans8 Conclusion: procedural and substantive accountability inEuropean financial regulation 176Johannes Karremans and Adrienne HéritierIndex