Women make their entry in the AfepMedef codeIt does not endanger economic recovery remains fragileYesterday the Allianz title progressed from 0Filmmaker directed a film either complaisant or load50 Biffle has been up and down this yearFor one Gaborik missed all but 17 games last seasonHold onto him and hope he gets back on the field soon2 and at Loudon Kevin Harvick will be drivingJudge Chalfant denied their motion on a technicalityAbout Delta Neutral International Delta Neutral International LtdThe European Committee of regulators of scholarship (CESR) is not to disrupt the current framework for financial markets of the old Continent. In a series of proposals published yesterday, the body, which brings together the stock market authorities of the 27 Member States of the Union, especially intended to fulfil two objectives: strengthening transparency and improving pan-European standards. This is the case, including his report on the actions of the European Union markets.
Situation fragmented
Since the introduction of the directive on markets in financial instruments (MIF) end of 2007, they have seen their structure significantly evolve. A monotonous stock landscape animated by the only incumbent operators, they switched to a situation fragmented, where amount of exchange platforms attempt to capture the market shares of traditional exchanges.
Point of confusion in the eyes of many investors and issuers for which the adoption of the MIF did not realize what it was designed, namely, a lowering of transaction costs and technical improvement of market infrastructure. In the eyes of the most virulent critics, the MIF would have even increased the complexity of the markets and their opacity, through more or less supported alternative systems, on which share securities in confidence between only specialists of the stock market world (Bank of investment and hedge funds, among others).
Twenty-seven authorities, including the authority of des marchés financiers (AMF), are well aware. Hence the idea to change the origin of the MIF philosophy, based on principles and not on rules. The general framework would therefore remain the same, but the rules, they would be specified. If it is adopted, this approach would impose thresholds to alternative operators of squares, type "dark pools", which offer the possibility for stakeholders to share their titles with complete confidentiality.
An option already adopted by the Securities and Exchange Commission (SEC), across the Atlantic. It would also "revisit the definition of systematic internalisers", these electronic systems provided by the providers of investment services (PSI) to facilitate the exchange of securities outside the regulated market or the alternative operators.
A centralized orders register
This is not everything. CESR also attacked the also sensitive issue of the regime of transparency for stock orders, once they executed. Today, this scheme is in large part of the national courts. No harmonized system does, on a European scale, to know accurately the details of transactions on the different European equity markets. To address this, CESR proposes the adoption of common standards for the publication of this information. He also wants to introduce "formal measures" in terms of quality, time and frequency of regulatory statements imposed market business. As it was strongly compelled to do so, the organization also suggested to develop a log centralized orders across the continent. And this on the model of the "consolidated tape" American.
The Committee of boot in touch however, on the financing of this new tool, which is still intense debate between the supervisor, favourable to the emergence of a solution by the competition between data providers and several continental gendarmes of the stock market, support them to a shared registry.
The schedule is very tight: the different parties are called upon to pronounce on the proposals of CESR in the weeks to come. The Organization must submit its suggestions to the Commission before the end of July 2010. However, a delay that Belgian Eddy Wymeersch, President of the Organization, is particularly difficult to hold, in a letter sent to the European Executive.
