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Markets in Financial Instruments Directive 2014 (2014/65/EU, commonly known as MiFID 2), [1] is a directive of the European Union (EU). Together with Regulation No 600/2014 it provides a legal framework for securities markets, investment intermediaries, in addition to trading venues.
MiFID II classified three types of trading venue: A regulated market (RM) run by a market operator; A multilateral trading facility (MTF) An organised trading facility (OTF) Permission to run any of the three types of service was required from an appropriate regulator, with the existing exchanges registering as regulated markets.
Stock market equivalence is granted by the European Union to those countries whose stock markets are deemed to be 'equivalent' to those of the EU countries. On 3 January 2018, the EU implemented the "Markets in Financial Instruments Directive II" (colloquially known as "MiFID II") which required all European investment firms & traders to trade the shares of a company listed in the EU on a ...
The Article 4(1)(20) of Directive 2014/65/EU (MiFID II) considers "investment firms dealing on own account when executing client orders over the counter (OTC) on an organised, frequent, systematic and substantial basis" systematic internaliser and requires them to report their trades. [2]
It was established after the Markets in Financial Instruments Directive (MiFID) regulations were passed by the European Union allowing competition for clearing services. EMCF helped reduce the cost of clearing within Europe as it competed directly with the established clearing houses in each member state forcing them to reduce prices. [1]
mifid 2 (2014/65/eu) Art.25(4)[a] – Trading venues for the purposes of trading obligation for shares, in conjunction with Art. 23 of Regulation (EU) N° 600/2014 on markets in financial instruments (MIFIR): Australia, Hong Kong and the United States
[1] The European Commission responded with five imperatives for action that were agreed at the Vienna European Council in December 1998, and the Financial Services Action Plan was issued by the European Commission on 11 May 1999. The cornerstone of the action plan's achievement is the Markets in Financial Instruments Directive (MIFID).
Liquid tradable securities (or LTS) is a generic phrase for a wide range of financial instruments.It often differentiates financial instruments that are easily tradable (or tradeable) as opposed to those that require the permission of the company or a signed document that registers the transfer of securities between two market participants.