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Financial instrument: Difference between revisions
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{{quote|a [[derivative contract]] the execution of which does not take place on a [[regulated market]] as within the meaning of Article {{mifid2prov|4(1)}}(14) of [[MiFID]] or on a third-country market considered as equivalent to a [[regulated market]] in accordance with Article {{mifid2prov|19(6)}} of [[MiFID]]}} | {{quote|a [[derivative contract]] the execution of which does not take place on a [[regulated market]] as within the meaning of Article {{mifid2prov|4(1)}}(14) of [[MiFID]] or on a third-country market considered as equivalent to a [[regulated market]] in accordance with Article {{mifid2prov|19(6)}} of [[MiFID]]}} | ||
The implication here is that those taking place on a [[trading venue]] (such as an [[OTF]] or [[MTF]]) which is not a [[regulated market]] nonetheless count as [[OTC derivative]]s. | The implication here is that those taking place on a [[trading venue]] (such as an [[OTF]] or [[MTF]]) which is not a [[regulated market]] nonetheless count as [[OTC derivative]]s. You may be minded, as the JC was, once, to delve into the question of when a transferable security with an underlying reference asset or index may qualify as a “securitised derivative”, a “structured finance product” or a “commodity derivative” — all legislative terms in the MiFID/MiFIR/EMIR and their delegated regulatory technical standards memeplex. Proceed only if you are unusually tolerant to tension headaches, or have a lot of time to kill on a wet afternoon. | ||
===what ''isn’t'' a {{t|MiFID}} financial instrument=== | ===what ''isn’t'' a {{t|MiFID}} financial instrument=== | ||
A good place to look (if your interest level counts as “fiendish”) is the snappily titled ''Commission Delegated Regulation {{eureg|2017|565|EU}} of 25 April 2016 supplementing Directive {{eudirective|2014|65|EU}} of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive''. | A good place to look (if your interest level counts as “fiendish”) is the snappily titled ''Commission Delegated Regulation {{eureg|2017|565|EU}} of 25 April 2016 supplementing Directive {{eudirective|2014|65|EU}} of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive''. | ||