La post-contratación en los mercados secundarios de valoresel sistema de compensación y liquidación de valores.

Abstract

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.