Market Infrastructure and Custody Law
German/EU law firm for trading, post-trading and custody structures.
Market infrastructure and custody services form the backbone of securities and derivatives trading. This is not only about efficient processes, but also about trust and legal certainty. Accordingly, market participants operate within a legal framework shaped by a multitude of interlinked laws, regulations and regulatory guidelines (MiFIR, EMIR, CSDR, WpHG, DepotG, MaDepot, etc.).
The German law firm Kronsteyn is at home in this highly regulated environment. We advise market operators, banks and investment firms on projects and business models concerning trading, post-trading and custody structures – from new trading venues, SI models and connectivity solutions to settlement processes and custody arrangements.
Kronsteyn is deeply rooted in the complex regulatory frameworks of German and EU market infrastructure and custody law. The firm has already supported several projects in this area, including advising a European stock exchange group on the establishment of an additional regulated market and the adaptation of post-trade structures; advising a major proprietary trading firm on the market entry of the first German crypto-trading app for the mass market; and preparing legal opinions and statements on stock exchange and market infrastructure law issues.
Structuring of pre- and post-trade arrangements
Drafting of rulebooks for exchanges and MTFs
Legal opinions and position papers on complex legal issues
Provision of general terms and conditions for retail business
Drafting of outsourcing and cooperation agreements
Advising on licensing and authorisation procedures
Sanctions and anti-money laundering compliance
Systematic internaliser (SI) structures
Publications Relating to German Market Infrastructure Law
Müller-Lankow, Comment on the decision of the German Federal Court of Justice (BGH) of 18 March 2025 (XI ZR 59/23) – Blocking of securities accounts due to U.S. sanctions (German: Anmerkung zum Urteil des BGH v. 18.03.2025 (XI ZR 59/23) – Sperrung von Depotbeständen aufgrund von US-Sanktionen), in: Entscheidungsanmerkungen zum Wirtschafts- und Bankrecht (WUB) 2025, pp. 193-197. Müller-Lankow, Legality of Stock Exchange Short Selling Bans (German: Rechtmäßigkeit börslicher Leerverkaufsverbote), in: Zeitschrift für Bank- und Kapitalmarktrecht (BKR) 2025, pp. 433-440. Müller-Lankow, Disruptions in securities transactions and their regulation under CSDR, SSR, stock exchange law, ICMA and BGB (German: Leistungsstörungen bei Wertpapiergeschäften und deren Regulierung nach CSDR, SSR, Börsenrecht, ICMA und BGB), in: Wertpapier-Mitteilungen (WM) 2024, pp. 1641-1649. Müller-Lankow, Market-making in the scope of collective asset management – a paradox? – At the same time comment on the judgement of the VGH Kassel of 21.11.2023 - 6 A 1658/18 (German: Market-Making im Rahmen der kollektiven Vermögensverwaltung – Ein Widerspruch? – Zugleich Anmerkung zum Urteil des VGH Kassel v. 21.11.2023 – 6 A 1658/18), in: Zeitschrift für Bank- und Kapitalmarktrecht (BKR) 2024, pp. 601-607. Müller-Lankow, How the regulation of settlement delays is putting securities trading to the test (German: Wie die Regulierung von Lieferverzögerungen den Wertpapierhandel auf die Probe stellt), in: Zeitschrift für Bank- und Kapitalmarktrecht (BKR) 2024, pp. 567-568. Müller-Lankow/Liebscher, Legal differences between e-money and asset-backed tokens (German: Rechtliche Unterschiede zwischen E-Geld- und vermögenswertereferenzierten Token), in: Wertpapier-Mitteilungen (WM) 2024, pp. 1152-1160. Kumpan/Müller-Lankow, Commentary on § 26b (Tick size) and 26c (Market making systems) of the German Stock Exchange Act (BörsG), in: Eberhard Schwark / Daniel Zimmer (eds.), Kapitalmarktrechts-Kommentar, 5th ed., München (C.H. Beck) 2020. Kumpan/Müller-Lankow, The Multilateral Single-dealer System – An Oxymoron under MiFID II?, in: Journal of International Banking Law and Regulation 34 (2019), issue 9, pp. 301-310. Müller-Lankow, Market-making: A regulatory analysis of market-making in multilateral and bilateral systems (German: Market-Making: Eine aufsichtsrechtliche Analyse des Market-Makings im Rahmen multilateraler und bilateraler Systeme), Baden-Baden (Nomos) 2018. Müller-Lankow, Differentiation between proprietary trading by market makers and proprietary trading by other liquidity providers (German: Abgrenzung des Eigenhandels durch Market-Maker vom Eigengeschäft durch sonstige Liquiditätsgeber), in: Wertpapier-Mitteilungen (WM) 2017, pp. 2335-2345. Kumpan/Müller-Lankow, Single-market maker systems in the new capital market regulation – differentiation between multilateral and bilateral systems (German: Ein-Market-Maker-Systeme in der neuen Kapitalmarktregulierung – Abgrenzung zwischen multilateralen und bilateralen Systemen) (together with Prof Dr Christoph Kumpan), in: Wertpapier-Mitteilungen (WM) 2017, pp. 1777-1786.
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