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BSE Signs Up FTIL’s ODIN For Equity Derivatives Re-Launch - ODIN Is India’s No. 1 Front End Trading Solution With Over 80% Market Share - Move Is Additional Fillip To BSE’s Re-Launch Efforts In Its Equity Derivatives Segment

Date 20/10/2011

BSE Ltd. and Financial Technologies (India) Limited (FTIL) have signed an agreement to provideODIN™—a brokerage solution of FTIL—to BSE members as a part of the exchange’s efforts to re-launch its equity derivatives segment. As per the agreement, the empanelled members on BSE will trade on its derivatives segment using ODIN™’s Computer-To-Computer-Link (CTCL) platform.

Deutsche Börse Statement On MiFID Review Amendment Proposal

Date 20/10/2011

Deutsche Börse AG issued the following statement regarding the publication of the legislative amendment proposal to the revised Markets in Financial Instruments Directive (MiFID) by the EU Commission’s DG Internal Markets and Services:

We support the goals of MiFID and thus welcome today’s publication of the MiFID amendment proposal. We believe it will lead to safer, sounder and more transparent financial markets in Europe, thus contributing to the G20 commitment from September 2009. Foremost, we agree with EU Commission’s proposal of mandatory trading of derivatives on organized trading venues, and improved trading transparency across a broad range of financial instruments including derivatives. This will align European regulatory efforts with the respective requirements in the US outlined by the Dodd-Frank Act. Further, we support the goal to design rules on organizational requirements, transparency and authorization of OTFs such that there are no loopholes to achieve the desired outcome of more organized trading of OTC derivatives.

HKEx Securities And Derivatives Markets Quarterly Report

Date 20/10/2011

HKEx Securities and Derivatives Markets Quarterly Report

Hong Kong Court Sets Date For Insider Dealing Trial Of Former CITIC Pacific Senior Executive

Date 20/10/2011

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. 

European Commission: Review Of The Markets In Financial Instruments Directive (MiFID): Frequently Asked Questions

Date 20/10/2011

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.

European Commission: Proposals For A Regulation On Market Abuse And For A Directive On Criminal Sanctions For Market Abuse: Frequently Asked Questions

Date 20/10/2011

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:

• have used information that is not publicly available to trade in financial instruments to their advantage (insider dealing);

• have distorted the price-setting mechanism of financial instruments; or

• have disseminated false or misleading information.

European Commission: Getting Tough On Insider Dealing And Market Manipulation

Date 20/10/2011

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.

“European Investors And Exchanges Ask For The MiFID Review To Put The Economy First”

Date 20/10/2011

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.

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

Date 20/10/2011

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.

European Commission Seeks Criminal Sanctions For Insider Dealing And Market Manipulation To Improve Deterrence And Market Integrity

Date 20/10/2011

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.