News Centre

European Commission: Enhanced Cooperation On Financial Transaction Tax – Questions And Answers

Date 23/10/2012

In September 2011, the European Commission tabled a proposal for a Directive on a financial transaction tax (see IP/11/1085). The essence of this proposal was that a low-rate, wide-base tax would be applied on all financial transactions with any economic link to the EU. The estimated revenue yield was €57 billion.

Closing Remarks By President Barroso Following The Debate On The Conclusions Of The European Council Meeting Of 18-19 October 2012

Date 23/10/2012

Regarding the assessment of this European Council, some of you have probably noted that in my initial statement I mentioned three European Council Summits and I made it on purpose, because this Summit was important in terms of confirming some early decisions and this was already some progress because the reality is that unfortunately there were some doubts about the commitment of some governments regarding the decisions they have taken themselves before. But in fact the final decisions on some of those most important matters will come later, namely regarding the EMU, in December, and regarding the MFF, hopefully in November. So my assessment of this European Council is that it was certainly a progress in terms of the confirmation of previous decisions, but it was not yet the needed comprehensive response for the current challenges in the euro area and in the European Union and I think this is a fair assessment of the results if this European Council.

CFTC Proposes New Regulations And To Amend Existing Regulations To Enhance Protections For Customers And Customer Funds Held By Futures Commission Merchants And Derivatives Clearing Organizations - Commission Seeks Public Comment On Proposals

Date 23/10/2012

The Commodity Futures Trading Commission (CFTC) yesterday approved for public comment proposed new regulations, and amendments to existing regulations, to enhance protections for customers and to strengthen the safeguards surrounding the holding of money, securities and other property deposited by customers with futures commission merchants (FCMs) and derivatives clearing organizations (DCOs).  The proposals are the result of the Commission’s efforts to coordinate and consult with the futures industry on enhancing customer protections, including two public roundtables that were hosted by Commission staff.  The proposals also expand upon previous Commission actions to enhance customer protections, including rolling back certain exemptions from investment standards for customer funds under Regulation 1.25 and the adoption of the legal segregation with operational commingling (LSOC model) for cleared swap transactions.

Former Tableau Software VP European Sales Bruno Saint-Cast To Boost Panopticon Sales Program In Europe - Saint-Cast Has Held Senior Sales Positions With Data Visualization Vendor Tableau Software And Salesforce.Com - He Will Now Help Panopticon Capitalize On Its Sales Momentum In Europe And In Key Vertical Markets

Date 23/10/2012

Panopticon Software, the leading provider of visual data analysis software for real-time and large volume data, today announced that Bruno Saint-Cast has joined the company as a senior vice president. He will be part of the company’s executive management team and will help develop and execute strategies for addressing  new market opportunities in telecommunications, energy, transportation, and manufacturing as well as for continued expansion in financial services.

European Commission Proposes Green Light For Enhanced Cooperation On Financial Transactions Tax

Date 23/10/2012

The 10 Member States that wish to apply an EU financial transaction tax (FTT) through enhanced cooperation should be allowed to do so, because all the legal conditions for such a move are met. This is the conclusion of the proposal for a Council Decision adopted by the Commission today. Moreover, enhanced cooperation on the FTT would not only bring "immediate, tangible advantages" for those countries that participate, but would also contribute to a better functioning Single Market for the Union as a whole, the proposal states.

Clearstream Strengthens Commitment To Asia With Settlement Link To The Philippines - Settlement Link To The Philippines Went Live On 22 October 2012 - International Investors Can Now Easily Access The Philippine Market - Standard Chartered Bank Philippines Appointed As Sub-Custodian

Date 23/10/2012

Clearstream has launched a new settlement link to provide institutional investors access to Philippine securities. The company will offer settlement and custody services for all asset classes denominated in the Philippine Peso, i.e. for listed equities, government bonds, corporate bonds, warrants, treasury bills and depository receipts. Clearstream customers will have the opportunity to develop post-trade solutions for the Philippine market using Clearstream as their single point of access.

CFTC Chairman Gary Gensler’s Address At The Securities Industry And Financial Markets Association’s 2012 Annual Meeting

Date 23/10/2012

Good Morning. Tim, I appreciate that kind introduction.  I want to thank the Securities Industry and Financial Markets Association for the invitation to speak at today’s annual meeting.

Comment On Future Of Computer Trading Report - 'An Excellent Hors D'oeuvre But Leaves Vital Questions Unanswered'

Date 23/10/2012

Professor Brian Scott-Quinn said:

“The Report provides an excellent hors d’oeuvre to future studies of computer trading. As the report sadly notes, we simply do not have enough data at present to be able to provide sound scientific evidence in support of new regulations of this area of financial activity. Thus despite producing a valuable report, we still do not know the answers that the Report might have hoped to find.

NYSE Euronext Launches CAC And AEX Low Risk Indices - Low Risk Indices Respond To Growing Demand For Better Risk Control Mechanisms

Date 23/10/2012

NYSE Euronext today announced the expansion of its range of  indices with the launch of the CAC® Low Risk Index and the AEX® Low Risk Index.  These low risk indices, developed in partnership with Finvex Group, are  based on the successful European national blue chip indices and provide new risk adjusted investment possibilities for investors and  Exchange Traded Product (ETP) providers.

European Parliament Economic And Monetary Affairs Committee: Banking Supervision: An Accountable System OpenTo All

Date 23/10/2012

Draft banking supervision legislation tabled in the Economic and Monetary Affairs Committee on Monday would give national supervisors a greater role than do earlier Commission proposals, while at the same time retaining the European Central Bank's power to decide to supervise any bank directly. A second text approved by the committee would put the European banking watchdog at the head of a single supervisory system. Both texts would increase the supervisory system's democratic accountability.