Publication: La post-contratación en los mercados secundarios de valores: el sistema de compensación y liquidación de valores.
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2017
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Abstract
Este estudio analiza la nueva regulación de la post-contratación en los mercados secundarios de valores, que es la segunda fase de la negociación en la que se ejecutan los contratos mediante la compensación centralizada de operaciones y la liquidación de las mismas hasta que se produce el resultado final del traspaso de los instrumentos financieros y del dinero del patrimonio del vendedor al del comprador y viceversa. Esta fase de la post-contratación está regulada, en el ámbito de la UE, por el Reglamento (UE) nº 648/2012 (EMIR) y el Reglamento (UE) nº 909/2014; y, en el Derecho español, por el Texto Refundido de la Ley del Mercado de Valores y el Real Decreto 878/2015, de 2 de octubre, sobre compensación, liquidación y registro de valores.
This study analyzes the new regulation of post-trading in the secondary securities markets, which is the second phase of the negotiation in which agreements are executed through centralized clearing and settlement of operations until the final result of transfer of the financial instruments and money from the seller's assets to the buyer and vice versa. This post-trading phase is regulated, at EU level, by Regulation (EU) No. 648/2012 (EMIR) and Regulation (EU) No 909/2014. And, in Spanish Law, by the Consolidated Text of the Securities Market Law and Royal Decree 878/2015, of October 2, on clearing, settlement and registration of securities.
This study analyzes the new regulation of post-trading in the secondary securities markets, which is the second phase of the negotiation in which agreements are executed through centralized clearing and settlement of operations until the final result of transfer of the financial instruments and money from the seller's assets to the buyer and vice versa. This post-trading phase is regulated, at EU level, by Regulation (EU) No. 648/2012 (EMIR) and Regulation (EU) No 909/2014. And, in Spanish Law, by the Consolidated Text of the Securities Market Law and Royal Decree 878/2015, of October 2, on clearing, settlement and registration of securities.