Reorganizacija mesta trgovanja – usaglašenost novog zakona o tržištu kapitala S MiFID II

Abstract

At the end of 2021, the National Assembly of the Republic of Serbia adopted the new Capital Market Law, which brought numerous novelties and institutes into the national Stock Exchange Law. According to sample of the Markets in Financial Instruments Directive (MiFID II), the legislator fulfilled a complete reorganization of the existing capital market by introducing new trading venues – organized trading facilities and systematic intermediaries. Additionally, under the infuence of contemporary trends in global capital markets – digitization, platformization and financial innovations, sophisticated trading models like algorithmic trading and high-frequency trading were introduced into national law. Therefore, the aim of this paper is to review and indicate to what extent national law is harmonized with current developments in the capital market, primarily with the MiFID II. Having in mind that the implementation of the Law commenced at the moment of writing this paper, it is still impossible to see the legal scope of the application of the newly adopted solutions in practice and the formation the attitudes of competent authorities regarding new institutes.