European Securities Markets Expert Group (ESME): “Views on the issue of transparency of holdings of cash settled Derivatives”
16 November 2009
ESME is recommending that a reporting obligation regarding cash settled derivatives is:
> only for cash settled derivative positions, separate from the present arrangements for positions
in normal shares;
> both for long and for short positions; no netting;
> only for significant positions in these particular instruments (at least 5-10%);
> fully harmonized and regulated on a European level.
The background is the fact that for normal share positions, a lot of differences in national reporting obligations have been introduced and European harmonization is not within sight. ESME does not want to add further to the existing confusion and complexity and proposes a simple measure to be carried out at the pan-European level.
Full report
