investors in non-U.S. securities securit.

[Alex16]

Контекст прежний:

Counsel on U.S. regulatory issues for E-Crossnet, a newly organized, electronic trade matching vehicle for institutional investors in non-U.S. securities.

ценные бумаги, находящиеся в обращении за пределами США, или ценные бумаги, выпускаемые неамериканскими эмитентами?

[SwetikS]

E-Crossnet, the European crossing network for institutional shareholders, is to allow U.S. portfolio managers direct access into its crossing network for European equities later this month. Beginning Nov. 20, U.S.-based institutional investors will be able to key in orders for blocks of European equities into any of E-Crossnet's five daily crosses.

Похоже, что вариант №2