Financial Regulatory Forum

NYSE Euronext lobbying more, rosy on market reform

By Jonathan Spicer

NEW YORK, April 29 (Reuters) – NYSE Euronext has ramped up its lobbying effort in Europe, and the exchange operator’s chief said that it should benefit from regulatory changes on both sides of the Atlantic.

“The regulatory landscape in both regions is a net positive for the company,” Chief Executive Officer Duncan Niederauer said on Thursday at NYSE Euronext’s annual shareholder meeting.


Is regulation too risky to leave to politicians? EU banks think so

By Huw Jones

Put regulation in the hands of politicians and, well, it becomes politicised.

That, anyway, is what Europe’s new kid on lobbying block, the Association for Financial Markets in Europe (AFME’s), told the Reuters Regulation Summit about EU plans to crack down on opaque derivatives markets by insisting on central clearing of standardised contracts, trade reporting and even exchange trading. (more…)

EU regulators propose tougher off-exchange rules

By Huw Jones

LONDON, April 13 (Reuters) – Banks and brokers in the¬†European Union that manage share trades for clients in-house to avoid the cost of using a stock exchange face a crackdown under reforms proposed by the bloc’s regulators on Tuesday.

Bourses have been lobbying supervisors for months to impose tougher rules on their off-exchange trading rivals, particularly crossing networks inside big banks that match share orders even though it represents a fraction of the market.

The EU is reviewing its markets in financial instruments directive, or MiFID, which has sparked cross-border competition in trading since its introduction in 2007 but at the cost of fragmenting share prices for investors.

LSE to join banks to operate Turquoise platform

LONDON, Feb 1 (Reuters) – The London Stock Exchange will join forces with banks to operate alternative trading venue Turquoise, the exchange’s chief executive said on Monday.

“The London Stock Exchange will be shortly launching an initiative, a cooperative partnership between wholesale market participants and the exchange under the name of Turquoise,” LSE Chief Executive Xavier Rolet said.

It will handle both “lit” order book and “dark” or anonymous trading within the same regulated venue, Rolet said.

Europe accord on consolidating share data urged

LONDON, Jan 20 (Reuters) – Europe’s data companies, investors and brokers should reach an agreement on consolidating reporting of share prices to help unify fragmented markets, said news and data vendor Thomson Reuters.

“To be successful, the institutional buy-side, brokers and trade reporting services will need to reach agreement on standards, and these rules will need to be codified through MiFID 2 regulation,” Thomson Reuters said in its paper.

A European Union law known as MiFID was introduced in 2007 and sparked increased competition in share trading so that investors can trade the same stock on different platforms more cheaply.

Government intervention said unlikely in EU share-data fragmentation

By Huw Jones
LONDON, Sept 8 (Reuters) – Fragmentation of share trading data makes it harder for European investors to spot the best prices but there is no appetite so far for public intervention, industry officials said on Tuesday.

British regulator launches equities review, dark pools a focus – report

LONDON, Aug 3 (Reuters) – Britain’s Financial Services Authority (FSA) has launched a wide-ranging review of UK equity markets, covering aspects such as high-frequency trading and so-called “dark pools,” the Financial Times reported. (more…)