Ready, set, go!

France’s AMF has published a brief statement spelling out the implications of EMIR entering into force in two days’ time. In terms of timelines these are the most important dates: August 16th, 2012 – EMIR enters into force September 30th, 2012 – deadline for ESMA to transmit EMIR technical standards to the European Commission July 1st, 2013 – Earliest possible date that EMIR obligation to report into trade repositories enters into force Summer 2013:... Read More

Germany’s “Best of …” HFT law

A Europe-wide consolidated regulatory framework can have many advantages for the financial industry. Laws such as MiFID II, MAD II and EMIR create a level playing field that simplifies competition on a pan-European scale. However, in the last couple of months a number of national legislations have been enacted that make the playing field a bit more uneven, again. There are, for example, the French and Hungarian transaction taxes (which are not the same), and the Spanish and Italian... Read More

Don’t buy it, if it’s not worth it!

Back in May, BATS Chi-X Europe announced that it will start charging for market data from 1st October. Last week Turquoise followed its competitor, announcing that it too will introduce fees for market data, effective from 1st November. While the former’s move could have been explained by its strong market share, this is not the case for the latter. BATS Chi-X had a market share of around 25% in major European indices when it announced the change in price model while, at... Read More

New month, new tax

Yesterday, 1st August (already!), the new French Financial Transaction Tax (FTT) came into effect. With the fine print of the new tax only emerging over the previous few days, we’ve now added the French FTT to our ‘At a glance‘ page to provide you with an overview. The tax, which applies to the purchase of over 100 French stocks with a company market value of more than €1 billion, is the first step towards fiscal reform and part of France’s plan to cut its... Read More

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