Transferable Securities

Transferable Securities

A transferable security is one whose ownership can be easily and freely transferred between counterparties. The EU’s Markets in Financial Instruments Directive (2014/65/EU) a.k.a. MiFID II defines transferable securities as securities that are negotiable on the capital market such as: (a) shares in companies and other securities equivalent to shares in companies, partnerships or other entities, and depositary receipts in respect of shares; (b) bonds or other forms of securitised debt, including depositary receipts in respect of such securities; (c) any other securities giving the right to acquire or sell any such transferable securities or giving rise to a cash settlement determined by reference to transferable securities, currencies, interest rates or yields, commodities or other indices or measures.

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