FTSE Mondo Visione Exchanges Index:
News Centre
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Date 20/10/2011
Hong Kong Court Sets Date For Insider Dealing Trial Of Former CITIC Pacific Senior Executive
The Eastern Magistrates Court today set 19 March 2012 for the start of the criminal trial of former senior executive of CITIC Pacific Limited (CITIC Pacific) Mr Chui Wing Nin, who the Securities and Futures Commission (SFC) accuses of insider dealing.
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Date 20/10/2011
European Commission: Review Of The Markets In Financial Instruments Directive (MiFID): Frequently Asked Questions
1. What is MiFID?
MiFID is the Markets in Financial Instruments Directive (Directive 2004/39/EC1). It replaces the Investment Services Directive (ISD) which was adopted in 1993. It was agreed unanimously by the Member States and by a large majority in the European Parliament, and came into force in 2008. It is a cornerstone of the EU's regulation of financial markets. It seeks to improve the competitiveness of EU financial markets by creating a single market for investment services and activities, and ensuring a high degree of harmonised protection for investors in financial instruments, such as shares, bonds, derivatives and various structured products. MiFID has brought greater competition across Europe in the provision of services to investors and between trading venues. This has helped contribute to deeper, more integrated and liquid financial markets. It has also driven down costs for issuers, delivering better and cheaper services for investors, and contributing to economic growth and job creation in Europe.
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Date 20/10/2011
European Commission: Proposals For A Regulation On Market Abuse And For A Directive On Criminal Sanctions For Market Abuse: Frequently Asked Questions
1. What is market abuse and how is it currently regulated?
Adopted in early 2003, the Market Abuse Directive (MAD)1 has introduced a comprehensive framework to tackle insider dealing and market manipulation practices, jointly referred to as "market abuse". The Directive aims to increase investor confidence and market integrity by prohibiting those who possess inside information from trading in related financial instruments ("insider trading"), and by prohibiting the manipulation of markets through practices such as spreading false information or rumours and conducting trades that result in abnormal prices. ("market manipulation").
In essence, market abuse may occur when investors have been unreasonably disadvantaged, directly or indirectly, by others who:
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have used information that is not publicly available to trade in financial instruments to their advantage (insider dealing);
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have distorted the price-setting mechanism of financial instruments; or
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have disseminated false or misleading information.
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Date 20/10/2011
European Commission: Getting Tough On Insider Dealing And Market Manipulation
In recent years financial markets have become increasingly global, giving rise to new trading platforms and technologies. This unfortunately has also led to new possibilities to manipulate these markets. As part of its work to make financial markets more sound and transparent, the European Commission today adopted a proposal for a Regulation on insider dealing and market manipulation (i.e. market abuse). The proposal aims to update and strengthen the existing framework to ensure market integrity and investor protection provided by the Market Abuse Directive (2003/6/EC). The new framework will ensure regulation keeps pace with market developments, will strengthen the fight against market abuse across commodity and related derivative markets, reinforce the investigative and sanctioning powers of regulators and reduce administrative burdens on small and medium-sized issuers.
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Date 20/10/2011
“European Investors And Exchanges Ask For The MiFID Review To Put The Economy First”
CFA Institute, EuroInvestors and FESE welcome the publication by the European Commission of the proposal for amending the Markets in Financial Instruments Directive (MiFID). Together, these associations represent over 100,000 investment professionals, 4 million retail investors, 9,077 listed companies and the 46 regulated exchanges that form the bridge between them. These associations jointly call on the EU Institutions to ensure that the MiFID Review achieves what should be its primary objective: making the capital markets work for Europe’s real economy and society as a whole. Its end result should be a regulatory framework that supports capital formation for EU enterprise and the creation of new wealth for the citizens of Europe.
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Date 20/10/2011
DGCX Surpasses The Three Million Contracts Mark In 2011 - Exchange Crosses A Significant Milestone On October 18, 2011 - 105% Increase In Year-To-Date Volume Compared To 2010
The Dubai Gold and Commodities Exchange (DGCX) today announced that its total traded volume for 2011 surpassed the three million contracts mark on October 18, 2011, a significant milestone achieved in the history of the Exchange.
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Date 20/10/2011
European Commission Seeks Criminal Sanctions For Insider Dealing And Market Manipulation To Improve Deterrence And Market Integrity
Investors who trade on insider information and manipulate markets by spreading false or misleading information can currently avoid sanctions by taking advantage of differences in law between the 27 EU Member States. Some countries’ authorities lack effective sanctioning powers while in others criminal sanctions are not available for certain insider dealing and market manipulation offences. Effective sanctions can have a strong deterrent effect and reinforce the integrity of the EU’s financial markets. That is why the European Commisison proposes today EU-wide rules to ensure minimum criminal sanctions for insider dealing and market manipulation. For the first time, the Commission is using new powers under the Lisbon Treaty to enforce an EU policy through criminal sanctions. The proposed Directive requires Member States to take the necessary measures to ensure that the criminal offences of insider dealing and market manipulation are subject to criminal sanctions. Member States will also be required to impose criminal sanctions for inciting, aiding and abetting market abuse, as well as for attempts to commit such offences. The Directive complements today’s proposal for a Regulation on Market Abuse, which improves the existing EU legislative framework and reinforces administrative sanctions.
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Date 20/10/2011
European Commission: New Rules For More Efficient, Resilient And Transparent Financial Markets In Europe
In recent years, financial markets have changed enormously. New trading venues and products have come onto the scene and technological developments such as high frequency trading have altered the landscape. Drawing lessons from the 2008 financial crisis, the G20 agreed at the 2009 Pittsburgh summit on the need to improve the transparency and oversight of less regulated markets – including derivatives markets - and to address the issue of excessive price volatility in commodity derivatives markets. In response to this, the European Commission has today tabled proposals to revise the Markets in Financial Instruments Directive (MiFID). These proposals consist of a Directive and a Regulation and aim to make financial markets more efficient, resilient and transparent, and to strengthen the protection of investors. The new framework will also increase the supervisory powers of regulators and provide clear operating rules for all trading activities. Similar discussions are taking place in the United States and other major global financial centres.
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Date 20/10/2011
EEX: Trading In French Financial Futures Scheduled To Start On 24 November
On 24 November 2011, EEX Power Derivatives will launch trading in French Financial Futures. The new contracts are month, quarter and year futures which are settled by means of cash settlement – unlike the physical futures which can be traded so far. The price on the spot market, which is established in the daily EPEX SPOT auction for the French market area, constitutes the underlying for the settlement of the French base and peak futures which takes place on every exchange trading day.
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Date 20/10/2011
BME Publishes A New Book As Part Of Its Studies & Research Collection: “Opciones Y Futuros De Renta Variable: Manual Práctico”
Santiago Fernández Valbuena, Chairman of Telefónica Latin America, states in the book’s foreword: “this book will allow beginners to catch up quickly and efficiently with developments in the derivatives industry”
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