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03/02/2011
 

MiFID Review - The European equity markets fragmentation has penalized small investors


The European MiFID Directive in force since November 2007 has pushed the European equity markets to fragment into multiple “trading platforms”: besides the existing “regulated markets” (RMs) “multiple trading Facilities” (MTFs) and “Systematic Internalisers” (SIs) – not to mention a growing, diverse and opaque “OTC” (over the counter) trade activity or dark pools – are now trading European equities.

Categories: press_releases
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EuroFinuse
 
 
 
 
 
02/02/2011
 

Review of the Markets in Financial Instruments Directive (MIFID)


Overall, MiFID has contributed to the further marginalization of individual investors, despite the fundamental economic purpose of the capital markets (as opposed to intermediate finance) that is to connect directly end investors and issuers of capital. MiFID facilitates the re-intermediation of equity markets to the benefit of financial intermediaries - especially those who could invest in information technology to profit from the fragmentation – and to the detriment of non financial issuers as well as end investors, pushing those further to “packaged” – i.e. high embedded commissions - products.

Categories: positions
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EuroFinuse
 
 
 
 
 
31/01/2011
 

Legislative steps for the Packaged Retail Investment Products initiative


We strongly support the “horizontal” approach taken by the European Commission for its Packaged Retail Investment Products (PRIPs) initiative, which is the right way to harmonize selling practices of retail investment products because most of them are “substitutable” for each other, and most of them are or can be sold by the same intermediaries. Please read more here.

Categories: positions
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Guillaume Prache
EuroFinuse
 
 
 
 
 
17/01/2011
 

European equity trades execution - Cost of opportunity analysis


Please find here an Equiduct LFA analysis on the cost of opportunity of the European equity trades execution based on full depth order book data prices across seven European venues: Xetra, Euronext, Chi-X, Turquoise, BATS, Borsa Italiana and Equiduct HybridBook.

Categories: Research Reports
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EuroInvestors
 
 
 
 
 
22/12/2010
 

Legal Certainty of Securities Holdings and Disposition


The legal information flows regarding securities holdings and disposition should be simplified, made fully available to real (economic) shareholders and issuers via the Internet, to no extra cost for retail investors, especially for cross-border holdings and for the exercise of cross-border voting rights, either directly or via proxies. The necessary holding and disposition information services from the real (economic) shareholder to the issuer should be split from the custody services currently performed by financial intermediaries.

Categories: positions
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EuroFinuse
 
 
 
 
 
15/11/2010
 

Green paper towards adequate, sustainable and safe European pension systems


We fully agree with the Commission that an “adequate” and sustainable retirement income for EU citizens is a priority for the European Union, but proves a major challenge to achieve. The adequacy of unfunded pensions and of those with defined benefits could be defined as the conformity of the results to promises made to participants. Please read more here.

Categories: positions
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EuroFinuse
 
 
 
 
 

Spotlight

The latest edition of our report on Pension Savings is now available for download!

 

 

 

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