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The AMF issued its fourth Financial Regulation Newsletter. AMF Managing Director Hubert Reynier states that the events following the subprime market crises represent a test of the way in which regulation is organised. “We are almost certainly experiencing the first full-scale test of disintermediation and of the new methods used by the market to manage credit risk”, he said.
He also noted that at domestic level, the MiFID Directive signals the end of the order concentration rule and the possible development of new trading venues. “These platforms will not only generate greater competition; they will also substantially fragment order execution”, Hubert said.
“In response to this, NYSE Euronext has embarked on a bold strategy of extending the international reach of its main market“.
Other topics of the newsletter include:
- Implementing provisions of the Transparency Directive: consultation on the draft AMF General Regulation
- Recognition of US standards for admission to trading on a regulated market.
Financial Regulation Newsletter