4.01 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), and considers that framework in the light of current and forthcoming European legislation. 4.02 Exchanges and clearing houses occupy a central role in the operation of markets, and in particular cash equity markets. In the UK, the London Stock Exchange (LSE) continues to dominate the listing and trading of equities, and LCH.Clearnet (formed by a merger of...
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