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欧盟金融工具市场指令(MiFID)和美国全国市场系统规则(Reg NMS)代表了当今世界两大证券系统规则。MiFID旨在提升投资者保护和确保更高透明度,建立起欧盟金融服务的单一市场。Reg NMS则旨在增强和现代化美国股票市场规范框架,建立统一的全美市场系统。除了基本术语以外,MiFID和Reg NMS还在“最佳执行”要求、透明度要求以及市场数据方面存在不同规定。此外,两大证券市场系统规则对我国交易所的国际化发展战略提供了有益借鉴。
The EU Financial Instruments Market Directive (MiFID) and the U.S. National Regulatory System (NMS) represent the two major securities system rules in the world today. MiFID aims to enhance investor protection and ensure greater transparency and establish a single market for EU financial services. Reg NMS aims to strengthen and modernize the US stock market regulatory framework and establish a unified national market system. In addition to the basic terminology, MiFID and Reg NMS have different requirements for “Best Execution ” requirements, transparency requirements, and market data. In addition, the system rules of the two major securities markets provide useful reference to the international development strategy of China’s exchanges.