In order to better understand what provides the MiFID-European Financial Services Directive came into force, in all European countries, November 1 2007-, Below I (in alphabetical order) some brief definitions:
Advice on investment
Provide recommendations to a client, in response to your request or at the investment firm, respect of one or more transactions relating to financial instruments.
Turnover of
In relation to a financial instrument: the sum of the results of multiplying, the number of units of that instrument exchanged between buyer and seller, in a defined period, in the context of transactions in a trading venue or otherwise, by the unit price applicable to each of the first such operations.
Execution of orders on behalf of clients
Conclusion of agreements to buy or sell one or more financial instruments in which the negotiator committed their locations.
Portfolio Management
Management-based discretionary investment portfolios in accordance with mandates given by clients, where such portfolios include one or more financial instruments.
Investment firm
Any legal person whose regular occupation or business is the provision of one or more investment services to third parties and / or to one or more investment activities in a professional.
Internaliser systematic
An investment firm in an organized manner, frequent and systematic basis, deals on own account by executing client orders outside a regulated market or MTF.
Market maker
A person who holds himself in financial markets, on a continuous basis as being willing to deal on own account by buying and selling financial instruments against his proprietary capital at prices defined by.
Regulated Market
Multilateral system operated and / or managed by a market, that allows or facilitates the bringing together of diverse interests in buying and selling third-party financial instruments, in a way that results in contracts relating to financial instruments admitted to trading under its wing rules and / or its systems, and which is authorized and functions regularly and in accordance with the provisions of Title III (Directive 2004/39)
Dealing on own account
Bargaining for the conclusion of transactions in one or more financial instruments in which the negotiator committed their positions.
Limit order price
Order to buy or sell a financial instrument at a price limit or better and for a specified.
Qualifying holdings
Participation of an investment firm, directly or indirectly not less than 10% share capital or voting rights in line with Article 92 Directive 2001/34/EC, or which makes it possible to exercise a significant influence over the management of.
MTF
Multilateral system, operated by an investment firm or a market operator which brings together diverse interests of purchase and sale of third parties relating to financial instruments, to result in contracts under the provisions of Title II (Directive 2004/39)
Branch
Place of business other than the head office which is a part has no legal personality of an investment firm, and may also perform ancillary services for which the investment firm has been authorized: all places of business set up in the same Member State by an investment firm with headquarters in another Member State shall be considered a single branch.
Alex Gaetani
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