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Consulta pública de ESMA acerca de las guías sobre sistemas y controles de plataformas de negociación y firmas de inversión (acceso electrónico directo). Julio 2011.
CESR (predecesor de ESMA) constituyó, en noviembre 2010, un "Task Force" para estudiar las cuestiones micro estructurales de actualidad en los mercados (“high frequency trading”, “trading” algorítmico, “sponsorized access”, “co-location”, “tick sizes” etc.), y ESMA ha publicado, con fecha .., una consulta sobre una propuesta con las guías/recomendaciones para plataformas de negociación y firmas de…
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Foreword
The regulatory activity over the last four months has been intense in IOSCO and, particularly, in ESMA ahead of the proposal for amendments to the Markets in Financial Instruments Directive (MiFID) and the Market Abuse Directive (MAD) to be released before the end of 2011. ESMA issued, in this period, two guidelines: the first one is about endorsement and…
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ESMA report: a framework for thrid country prospectuses equivalence. July 2011.
ESMA published, answering a request of the ISA (Israel Securities Authority), on the 23th of march, a document which contains a framework to assess the equivalence of third countries documentation related to securities (shares, bonds etc) public offers, issues and admissions to trading (from now on, prospectuses) with those prospectuses issued according to the Directive…
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IOSCO: Principles on dark liquidity. July 2011.
The Technical Committee of IOSCO has published on may a final report that contains principles to assist securities market authorities, markets themselves and participants in dealing with issues concerning dark liquidity, that includes dark pools (non pre transparency markets) and dark orders (non pre transparency orders in transparent markets). Dark pools regulation varies both across…
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IOSCO consultation report on technological changes and its impact on market integrity and efficiency. July 2011.
IOSCO has published, on the sixth of july 2011, a consultation report about the regulatory issues raised by the impact of technological changes on market integrity and efficiency. This report is the response to the G 20 mandate who, at the Seul Summit (november 2010), demanded from IOSCO the drafting of some recommendations (to be…
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Joint Forum report on assets securitisatioin incentives. July 2011.
The Joint Forum has just made public a Report on Assets Securitisation Incentives in line with the FSB and the G20 priorities to re-establish securitisation on a sound basis to strengthen the international financial regulatory system. The report draws on an extensive literature review and interviews with market participants in several key jurisdictions and provides…
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ESMA consultation paper on guidelines on systems and controls of trading venues and investment firms. (Direct electronic access). July 2011.
CESR (ESMA´s predecessor) established, on november 2010, a Task Force on micro- structural current issues of the markets (high frequency trading, algorithmic trading, sponsorized access, co-location, tick size” etc.), and ESMA has published, on the 20th of july a consultation paper about guidelines on Systems and controls of both trading venues and investment firms in…
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Presentación
PRESENTACIÓN. La Comisión Europea ha presentado, en estos últimos cuatro meses, al Consejo y al Parlamento Europeos para su discusión y posterior aprobación tres propuestas muy importantes para los mercados de valores en la UE: el primero, propuesta modificación de la de la Directiva sobre mercados en instrumentos financieros (MiFID); el segundo, propuesta de Directiva…
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Foreword
FOREWORD In the last for months, the European Commission has adopted three important proposals for the securities markets in the UE, that have passed to the European Parliament and to the Council for negotiation and approval: first, proposal for a Directive on markets in financial instruments repealing Directive 2004/39/EC (MiFID); second; proposal for a Directive…
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Consultation Report: Issues Raised by Dark Liquidity. November 2010.
This report, prepared by the Standing Committee on Secondary Markets (TCSC2) and submitted to public consultation, analyses the characteristics of dark pools and dark orders and their current regulation in major jurisdictions. It also outlines the problems that may arise due to the development of this activity from a regulatory point of view and proposes…
