Dark pool and MiFID: Difference between pages

Revision as of 15:31, 10 August 2014

Markets in Financial Instruments Directive.

Directive 2004/39/EC of the European Parliament and the Council.

MiFID regulation applies to:

@@ Line 1: / Line 1: @@
-Dark pools are trading systems where there is no pre-trade transparency of orders in the system (ie there is no display of prices or volumes of orders in the system).
+Markets in Financial Instruments Directive.
-Dark pools can be split into two types:
+Directive 2004/39/EC of the European Parliament and the Council.
-#Systems such as [[broker crossing network]]s that are not subject to pre-trade transparency requirements.
-#Trading venues such as [[regulated market]]s and [[MTF]]s that use waivers from pre-trade transparency not to display orders.
-Some definitions of 'dark pool' exclude broker crossing networks and the like (1. above) and restrict the definition to the second type (2. above).
+MiFID regulation applies to:
+#Regulated markets (RMs)
+#Multilateral trading facilities (MTFs) and
+#Systematic internalisers (SIs).
-== See also ==
+==See also==
-*[[Lit]]
+* [[Regulated market]]
-*[[Broker crossing network]]
+* [[Multilateral trading facility]]
-*[[MiFID]]
+* [[Systematic internaliser]]
-* [[Multilateral trading facility]]  (MTF)
+* [[MiFID II]]
+* [[EMIR]]
-[[Category:Corporate_finance]]
+[[Category:Capital_Markets_and_Funding]]
-[[Category:Compliance_and_audit]]
+[[Category:Managing_Risk]]
-[[Category:Manage_risks]]