Jurisdiction(s):
European Union

EU debt securities market infrastructure and regulation: trading venues, market participants, clearing, settlement and custody (MiFID II, MAR, EMIR, CSDR, Settlement Finality Directive)

Published by a LexisNexis EU Law expert

Practice notes

Introduction

The ability to trade is fundamental to debt securities. Investors’ capacity to buy and sell them rests on:

standardisation of terms and conditions (see Practice Notes on Terms and conditions of debt securities and Terms and conditions—first time issuer's guide)
the fungible nature of the instruments (see Practice Note: Key legal issues in English law in debt capital markets—fungibility)
the presence of a secure, efficient and liquid market—allowing rapid, straightforward sales at steady prices

This market relies on a wide-ranging framework of systems and services, grouped into four main areas:

mechanisms that generate, sustain, or provide access to liquidity (trading infrastructure)
arrangements that remove counterparty non-completion risk in concluded sale and purchase contracts (clearing infrastructure)
systems that facilitate delivery of securities from one holder to another in fulfilment of an agreed sale and purchase or other transaction...

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Web page updated on 21/05/2026

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