Trading securities

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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