Purpose – The purpose of this paper is to provide a theoretical framework for the legal classification of trading venues in financial markets. Currently, there is no clear definition of when a trading platform should be classified as multilateral or bilateral. This paper builds a theoretical...

Purpose – The purpose of this paper is to provide a theoretical framework for the legal classification of trading venues in financial markets. Currently, there is no clear definition of when a trading platform should be classified as multilateral or bilateral. This paper builds a theoretical...

In this thesis, a framework for the specification and execution of composite trading activities is presented. We begin by introducing the basic concepts and characteristics of elementary and composite trading activities. Based on these characteristics, we identify the issues associated with...