On January 14th, Michel Barnier, the European Commissioner in charge of financial services in the European Union (EU) welcomed the agreement in principle reached on rule changes to the Markets in Financial Instruments Directive (MiFID II/ MiFIR). Barnier declared that although the speed of implementation was not ambitious enough, the agreement still represented “a key step towards establishing a safer, more open and more responsible financial system and restoring investor confidence in the wake of the financial crisis” (see: http://europa.eu/rapid/press-release_MEMO-14-15_en.htm?locale=en).
With the German Federal Elections occurring Sunday, European investors are curious about what impact the elections may have on the European regulatory environment. In this version of The Blotter, ITG's European General Counsel, J.P. Urrutia, summarizes some of the expected results and potential impacts, highlighting Germany's importance to regional policy.
In this edition of The Blotter, Juan Pablo Urrutia, European General Counsel, weighs in on the Financial Times report that The Council Legal Service is advising the national governments that the European Financial Transaction Tax (FTT) is illegal.
The European financial landscape is facing a rigorous legislative pipeline to address the economic crisis and concerns with the current legislation. The so-called Trialogue negotiations process between the European Council and the European Commission will soon begin – where many twists and turns are to be expected. This guide is intended to provide clarity to the various confusing terms and acronyms relevant to the current market structural changes.
MiFID II negotiations have heated up but is there a light at the end of the tunnel? This week’s edition of The Blotter explores some of MiFID’s hot button issues.
Could the much-debated European Financial Transaction Tax (FTT) proposal come to pass? JP Urrutia discusses new developments among EU member states.
ITG's experts have reviewed the Danish draft position on the European Financial Transaction Tax (the FTT). Importantly, the Danes currently hold the European Union presidency and the leaked document will serve as a basis for discussions that will set the agenda for the full European finance ministers meeting in May/June.
In this edition of The Blotter, Ian Domowitz discusses the complex world of European Regulatory Reform. With MiFR, MiFID, ESMA guidelines, the MAR, and DCS all on the table, it’s tough to keep proposed regulations and new rules straight. Ian Domowitz helps break it down for the layman.
In this edition of The Blotter, Juan Pablo Urrutia discusses the long-awaited European Parliament Report on MiFID II. The first installment of this report reveals that Broker Crossing Systems could go the way of the dinosaurs, while dark MTFs could be preserved in a tight, but politically unbiased, market structure environment.
The French financial transaction tax (French FTT) was adopted February 29 by the French National Assembly despite fierce opposition from the French left (in particular as the proposal was bundled with the abolition of employers’ social contributions and compensated with a rise in sales tax that the French left considers it will hit the poorest hardest). ITG's Juan Pablo Urrutia discusses the new policy.