In addressing the forthcoming revision of MiFID, the European Commission needs to comply with its G20 commitments. Proposals under discussion seek to push non-equity asset classes (such as bonds, structured products and OTC derivatives) onto 'organised’ trading platforms.
Academic experts, public officials and industry representatives met again to discuss the future of asset management at CEPS-ECMI in Brussels.
The introduction of an EU-wide tax on financial transactions is set to be a topic for discussion during the next months. In a non-legislative report on ‘innovative financing’ adopted in March by the EP, a wide majority asked for a tax on financial transactions of between 0,01 and 0,05% to be introduced in Europe.
The global financial crisis has brought to light important weaknesses in the functioning of market infrastructures. Historically the middle and back-office segments were addressed purely from an efficiency perspective – but they actually play a major role in mitigating risk and promoting financial stability.
State Street Golbal Markets organises its Annual European Research Conference on the 21st of October 2010 in London. State Street Global Markets is the investment research and trading arm of State Street Corporation. For more than a decade, they have pursued a distinctive research agenda through their partnership with leading academics at State Street Associates, including ECMI.
ECMI participates in the closed roundtable meeting (by invitation only) with Patrick Pearson (Head of Unit Market Infrastructure, European Commission).
The Commission is due to review the Markets in Financial Instruments Directive (MiFID), and come forward with any new legislative proposals in the first quarter of next year.
Following a very successful 2009 conference focused on the Alternative Investment Fund Managers Directive, which attracted over 400 delegates, the UK FSA’s Asset Management Sector Team will host a range of experts who will explore the wider regulatory outlook for asset managers.