Capital Markets Comparative Guide: Trading And Post-Trading Infrastructure

1. What kind of market infrastructure does your jurisdiction provide for?

Currently, the main capital markets infrastructure in Macau comprises:

• Chongwa (Macao) Financial Asset Exchange Co, Ltd (MOX) – a platform for listing bonds and other securities in Macau; and
• Macao Central Securities Depository and Clearing Limited (MCSD), which mainly provides securities registration, clearing, settlement, depository and related services.

2. What are the rules governing liquidity flows across execution venues (eg, use of systematic internalisers, trading obligations)?

N/A.

3. Are there rules on light and dark markets and how do these apply?

N/A.

4. Are market participants subject to best execution requirements?