The EBF is concerned about the short timeframe that ESMA is envisaging to provide its technical findings to the Commission on the impact of the short selling regulation (SSR) on liquidity.
Many Member States are still in the process of complying with the regulation and a comprehensive assessment at European level at this point of time makes it very difficult for the EBF to judge the impact of the SSR in the European Banking Industry taking into consideration that the SSR has only been place since 1 November 2012.
The EBF would like to recall the importance of market making activities in financial markets. Market making is the facilitation of client trading which provides liquidity, immediacy of trading and reduces transaction costs. This activity is a vital mechanism in the efficient and effective running of the markets and should continue to be allowed under the SSR.
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