Central Limit Order Book and Preliminary rulings: Difference between pages

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(CLOB).
''European Union law.''


Most markets for shares (stock) and futures use 'order-driven' approaches. In such markets, would-be buyers and sellers submit orders to a central limit order book listing all outstanding buy and sell orders. Trade execution takes place if a new order can be matched against an existing order in the book. If not, the order enters the list and waits for a new offsetting would-be trade to arrive.  
The process whereby a national court with a case including a question of the validity or interpretation of community law can (or if it is a final court of appeal must) refer that specific question to the European Court of Justice for a binding determination.


Following [[G20]] agreement to seek to move much of derivative trading away from over the counter ([[OTC]]) trading in request for quote (RFQ) systems to more transparent models it is expected that, over time, much derivative trading will move to CLOB systems. As with other markets, RFQ approaches are likely remain, especially for less liquid trades.


== See also ==
* [[European Court of Justice]]
* [[European Union]]


==See also==
[[Category:Accounting,_tax_and_regulation]]
 
[[Category:Compliance_and_audit]]
* [[Swap execution facility]]
* [[Derivative]]
* Trading models and liquidity provision in OTC derivatives markets, Bank of England Quarterly Bulletin, Q4 2011, [[http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/qb110404.pdf]]
 
[[Category:Manage_risks]]
[[Category:Financial_products_and_markets]]

Latest revision as of 13:27, 17 July 2019

European Union law.

The process whereby a national court with a case including a question of the validity or interpretation of community law can (or if it is a final court of appeal must) refer that specific question to the European Court of Justice for a binding determination.


See also

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