How market infrastructure works
Where your securities actually sit, who guarantees settlement, why one security has several prices, and what happens on delisting.
8 steps · about 80 min · free
- 1Moscow Exchange and SPB Exchange: two venues, two historiesTwo venues, two different histories.Article
- 2The depository: where your securities actually sitWhere the securities actually sit.Article
- 3The central counterparty: why you can trade with a strangerWhy you can trade with a stranger.Article
- 4Trading modes: why one security has several pricesWhy one security has several prices.Article
- 5The trading day: sessions, auctions and why timing mattersSessions, auctions and timing.Article
- 6Listing levels: what admission to trading meansWhat admission to trading means.Article
- 7The market maker: who holds the book when nobody is tradingWho holds the book when nobody trades.Article
- 8Delisting: what happens when a security is removed from tradingWhat to do when a security is removed.Article · 2 min