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Part II UK Securities Markets, 4 Recognized Investment Exchanges (RIEs) and Recognized Clearing Houses (RCHs)

Bob Penn, Alex Forzani, Allen & Overy LLP

From: Financial Markets and Exchanges Law (3rd Edition)

Edited By: Michael Blair, George Walker, Stuart Willey

Content type:
Book content
Product:
Financial Law [FBL]
Published in print:
25 March 2021
ISBN:
9780198827528

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 03 June 2023

Subject(s):
Stock market and exchanges — Clearing — Financial Services and Markets Act 2000 — Investment business — Supervision — Central bank immunity — UK Financial Services Authority (FSA)

This chapter summarizes and discusses the UK regulatory framework for recognized investment exchanges (RIEs) and recognized clearing houses (RCHs) under the Financial Services and Markets Act 2000 (FSMA). It considers the framework in light of the current and forthcoming European legislation. It also examines the applicability of the framework to RIEs and RCHs in the context of the recast Markets in Financial Instruments Directive II (MiFID II), European Market Infrastructure Regulation (EMIR) and the UK's departure from the European Union (Brexit). This chapter outlines the central role of exchanges and clearing houses in the operation of financial markets. It explains that the exchanges offer marketplaces for the trading of financial instruments, provide market data which facilitates trading, and establish standards for the offering of securities, while clearing houses manage the performance of financial contracts between the point of execution and final settlement and mitigating the risk and consequences of default.

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