Trading securities

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This Overview provides a guide to the Financial Services content within the Trading securities subtopic, with links to the appropriate materials.

Trading securities

‘Securities’ include:

  1. •

    shares

  2. •

    depository receipts

  3. •

    bonds

  4. •

    notes

  5. •

    debentures

  6. •

    certificates of deposit

  7. •

    warrants, and

  8. •

    other types of transferable instruments

MiFID II and MiFIR

The recast Markets in Financial Instruments Directive 2014/65/EU (OJ L 173/349) (EU MiFID II) and the Markets in Financial Instruments Regulation (EU) 600/2014 (OJ L 173/148) (EU MiFIR) (together the EU MiFID II framework) entered into force on 2 July 2014. The majority of the requirements of the MiFID II framework have effect from 3 January 2018.

The MiFID II framework contains requirements which are relevant to many aspects of securities trading, including:

  1. •

    market structure

  2. •

    access to market infrastructures

  3. •

    microstructural issues such as:

    1. ◦

      algorithmic trading

    2. ◦

      direct electronic access to trading venues

    3. ◦

      requirements for general clearing members of clearing houses or central counterparties (CCPs)

    4. ◦

      trading venues' systems and circuit breakers

    5. ◦

      tick size, and

    6. ◦

      market-making, as well as

  4. •

    pre-and post-transaction transparency and transaction...

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