This Chapter is concerned with trading (order execution) in financial instruments. Regulation of the trading process has long been associated with the support of market efficiency and efficient resource allocation, and with the related protection of liquidity and the facilitation of risk management.1 Trading regulation has also long been associated, particularly in the brokerage context, with investor protection, given the significant agency risks, including with respect to competence failures and conflicts of interest, which can arise. EU trading regulation,...
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