UPDATE: Deutsche Boerse, NYSE Welcome Proposed MiFID Amendments
20 Ottobre 2011 - 4:54PM
Dow Jones News
Exchange operator Deutsche Boerse AG (DB1.XE) and its U.S. peer
NYSE Euronext (NYX) Thursday said they support proposals by the
European Commission to amend EU-wide rules on investment
services.
The exchanges, which are in the process of merging, said the
proposed amendments will lead to "safer, sounder and more
transparent financial markets in Europe."
The EU-wide rules known as the Markets in Financial Instruments
Directive , or MiFID, aim to increase competition and consumer
protection.
Deutsche Boerse said it agrees with EU proposals to make the
trading of derivatives on organized trading venues mandatory and to
improve trading transparency across a broad range of financial
instruments.
The planned revision will align European regulation with the
requirements in the U.S. outlined by the Dodd-Frank Act, it said.
The Dodd-Frank Act was introduced in the U.S. in 2010 in response
to the financial crisis and aims to promote financial stability by
improving accountability and transparency in the financial
system.
"We very much welcome the suggestions proposed by the EU
Commission to extend pre- and post-trade transparency to
derivatives, and to bring more derivatives trading onto organized
venues such as regulated markets, multilateral trading facilities,
or MTFs, and organized trading facilities, or OTFs, thereby
strengthening competition," said Andreas Preuss, deputy chief
executive of Deutsche Boerse.
Preuss added that this will contribute to a preference for
central clearing and trading infrastructures and will lower
systemic risk. Eventually all trading venues should need to comply
with MiFID market rules, he said.
Auditing firm PricewaterhouseCoopers AG said the amendments will
have substantial impact on financial institutions, affecting
trading methods, business strategies, data management and products
offered.
-By Ulrike Dauer, Dow Jones Newswires; +49 69 29725 500;
ulrike.dauer@dowjones.com
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