How the securities market works

Participants in one transaction

An investor makes a decision and sends an order to a broker. The broker checks the order parameters and routes it to an available venue under the client agreement and market rules.

For an exchange trade, the venue matches orders. After a trade, the clearing infrastructure determines each party’s obligations, while a depository records rights to the securities.

What SQIF does

SQIF provides brokerage services, executes client orders within the available permissions and agreement terms, produces reporting, and carries out nominee holding where the licence and service provide for it.

• A broker does not determine an instrument’s future price.
• Execution depends on order parameters and market liquidity.
• Check settlement rules and fees before placing an order.