13 March 2012

空売り及び特定のCDS（クレジット・デフォルト・スワップ）に関するESMA（欧州証券市場機構）の市中協議に対するFESE（欧州証券取引所連盟）のコメント

FESE is a keen defender of cross‐border competition and many of its members have become multi‐jurisdictional exchanges, providing market access across multiple investor communities. FESE members operate Regulated Markets (RMs), which provide both institutional and retail investors with transparent and neutral price formation.

FESE members are glad to have the opportunity to contribute to ESMA’s consultation. FESE supports efficient, fair, orderly and transparent financial markets that meet the needs of well-protected and informed investors, and provide a source for companies where to raise capital.

FESE believes that Regulated Markets (and more generally trading venues) should not be included on the list of third parties which may be parties to the arrangements or measures to confirm that settlement will take place. Regulated Markets serve as the neutral and transparent platform where buyers and sellers meet to execute transactions in financial instruments. Regulated Markets do not trade on its own account nor do they have any stocks at their disposal to confirm that settlement will take place on a short sale transaction. FESE  believes the responsibility to confirm that settlement of a short sale transaction will take place should lie with the investment firm that accepts to initiate the transaction on its own account or on behalf of an investor, rather than on the venue that merely executes it in a transparent, neutral and non‐discriminatory manner.

FESE Members consider that the benefits of this proposal are very limited. In line with current market practice, most trading desks rely on in‐house resources to ensure the most optimal stock lending arrangement for investors. A failure to provide this service would increase drastically investment costs without producing any obvious benefit for the investor or the market as a whole. Therefore, FESE  believes that ESMA should not interpret the requirement for a third party too strictly. Where trading desks rely on in‐house resources however, certain guarantees need to be ensured (i.e. not to use client assets without permission, not to use the same instrument several times, etc.). Instruments made available for stock lending should be part of the firm’s own instruments or be made available under the prior consent of the respective holders.

Full response

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