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Dealing in Securities: The Law and Regulation of Sales and Trading in Europe

Dealing in Securities: The Law and Regulation of Sales and Trading in Europe

Author: Christos Nifadopoulos
Publisher: Bloomsbury Professional (formerly Tottel Publishing)
ISBN: 9781526514363
Published In: January 2022
Format: Hardback , 192 pages
Jurisdiction: European Union ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
Contents

Details

Begins with the essential questions:

whether brokerage and dealing in securities is regulated in a jurisdiction
what aspects of the activity could bring it in scope for authorisation; and
how it is determined which regulator has legal competence to supervise the business in scope.

The recent liberalisation of national authorisation regimes across Europe in the wake of MiFID II and Brexit, which has resulted in tensions with recent attempts by the EU to harmonise centrally the single market authorisation regime, is fully addressed. It reviews the details of the activities of sales, sales trading, trading and execution, what they each constitute (with reference to established communication and order management systems), the potential conflicts of interest that they bring about for a firm and how such conflicts can be managed. Each of these activities are mapped against specific regulatory obligations, such as best execution, pre- and post-trade transparency, inducements, dealing commissions rules, the short selling regime and shareholder disclosures, depicting the obligations schematically to assist the practitioner.

Also covers:

dealing commission unbundling, which has reformed the way the provision and consumption of independent research and corporate access are related to execution services
the question of multilateral trading, in other words the point at which the activity of a broker becomes exchange-like and needs to be authorised as such
principal trading and the ability of firms to advance risk to their clients in the wake of the Volcker rule in the United States and similar legislation in Germany and elsewhere
the rise of Systematic Internalisers and the constraints imposed on them, such as the pre-trade transparency requirements and the tick size regime, and
electronic trading, algorithmic trading, direct electronic access and high frequency trading, as well as the risk control framework that is relevant to all these activities

Chapter 1: Introduction
Chapter 2: Authorising and Regulating Securities Dealing in Europe
Chapter 3: Dealing in Securities and Primary Obligations
Chapter 4: Market Abuse Regime in the EU
Chapter 5: Insight: The Controversy on Dealing COmmissions and Unbundling
Chapter 6: Insight: Multilateral and Bilateral Trading Systems
Chapter 7: Mandatory Trading Obligations
Chapter 8: Principal Trading - The Concept of Risk
Chapter 9: Electronic Trading
Chapter 10: Best Execution
Chapter 11: Conclusions