2000 9 EURONEXT; 2002 Euronext LIFFEBVLP Euronext.liffe Euronext (Strategic Business Unit, SBU): EURONEXT 30% EURONEXT SBU (Euronext N.V.)Euronext N.V. (Euronext Paris) Euronext ParisEuronext Amsterdam Euronext BrusselsEuronext LisbonEuronext Liffe 100% LCH.Clearnet Euroclear Atos-Euronext EURONEXT Euronext Paris SBF MATIFMONEP Euronext LIFFE CONNECT 26 MATIFMONEP 2006 6 NYSE GROUP Inc. 99.6 77.8 EURONEXTNYSE-Euronext Euronext Markets in Financial Instruments DirectiveMiFID 2007 4 MiFID OTC
Euronext MiFID Level 2 MiFID MiFID Euronext Liffe Liffe Euronext. Liffe 2003 1 Euronext MATIF MONEP Liffe Euronext.Liffe Liffe Liffe MiFID 11885 1987 1989 1993 5 ( CMT AMF) : (1); (2); 3 267-833 1967 9 28 67-833 COB 1 COB ; 1998 8870 1 COB 67-833 COB 67833 COB AMF AMF 3 AMF 2004 11 24 AMF General Regulation : 1; 2; 3 ; 4; 5 ; 6 AMF Prudential RulesConduct of Business RulesAMF&CB Supervision Closeout netting
4 1987 12 31 871158 3 67-833 91 AMF : 1 ; 2; 3 ; 4 1 : AMFBCCECEI CRBF1996 2 2: 1 2 1999 1 1 (ESCB)
MATIF 3 2003 8 1 Financial Security Act AMF(COB)(CMF) (CDGF) 2 AMF AMF COB CMF 4AMF (16 )(12 ) AMF AMF Euronext Paris MATIF MONEPrulebooks of regulated market CMF (CMF) 1996 7 2 CBV CMT AMF CMF 16 : ; ; ; ; COB COBCOB COB 10 (COB) COB COB 4CECEI CECEI CECEI 2AMF AMF COB CMF CDGF AMF AMF : 1 AMF CMF COB AMF
AMF AMF AMF 2 AMF : ; ; ; AMF AMF COBCMFCDGF 7 CMT COB AMF AMF 3 17 : 500 3 CMF COB MATIFMONEP 5 AMF MATIF MONEP 1996 4 Euronext Delta
5 CECEI ; ; AMF AMF AMF L141-4 ; AMF cross membership(multiple-jurisdiction) Euronext Euronext 2003 8 1 FSA 21 Euronext Memorandum of Understanding COB SEC (CFTC) 1 1996 Investment Service Directive Licensed Investment Institution 531-1 EEA
AMEX 2003 8 1 No.2003706 De-regulation ; AMF 2 : : 1 ; 2 ; 3; 4 5; : ; ; ; ; 3OTC : 1 2 : 1Conventions Complexes 2: ; 5 750 3 4
1 Euronext 2 Euronext ; UCITS(Undertakings for Collective Investment in Transferable Securities )UCITS Euronext UCITS 5 EDR AMF Euronext AMF Euronext 6 Collective Investment Scheme 7 four-eye rules Credit Institution and Investment Firms AMF AMF Investment Research Supervisor AMF 13 1972 financial canvasser 8 Banking Commission
6 9 Credit Institution ; ; 7 10 Euronext Euroclear 20012002 SICOVAM Neciget CREST Co. Clearnet 2003 12 22 London Clearing HouseLCH Clearnet LCHClearnet 2003 842 LCH-Clearnet Euronext Membership Rules Euronext Euronext ISD 7 Euronext Clearnet : : 1 : 7 2 : 104
3 : 1999 205 4 : 2006 5 5 : 37 6 : 7 NSC Atos Euronext 14 NSC Euronext