His dream was to go see this work to the provocative titleIt is valid provided that indicate the conditions of a refusal to respect them CassExpected year priceearnings ratios are reasonableA scenario that the two strings do not support800 billion today approximately 13 of GDPThe day to day promises to remain a marked date of a white stone in the Spanish basque countryAirlines the back wall push their purchasesAbundance of goods does not affect the proverb This would be an investment for the futureThe Korea of the North comes to lose faceAt a little less than a year of the entry into force of the markets in financial instruments directive, some market participants have already unveiled their strategic intentions. Specifically, the directive provides an opportunity for all involved to become "internalisateur", i.e. to confront the orders of its own customers if it is able to provide the best possible execution, thereby ending the monopoly of the awards in countries where it was mandatory, as the France. The text opens in addition to the dissemination of market information, price-competitive as transactions.
Disclosed projects include the joint initiative of nine banks (ABN AMRO, Citigroup, Credit Switzerland, Deutsche Bank, Goldman Sachs, HSBC, Merrill Lynch, Morgan Stanley and UBS) for the implementation of a pan-European dissemination of market information platform. Instinet announced its intent to launch a multilateral trading system, called Chi - X by the end of the year. This system, institutional investors should be able to negotiate European values with very high costs of clearing and settlement.
Finally, the Pan-European values of growth, the Easdaq market, could rise from its ashes under the name of Equiduct. The platform used by Nasdaq Deutschland would be relaunched in the second quarter of 2007 with a new version. Its technology will allow transparency pre-and inbranch required by the directive and a capability meets the requirements of traceability for better performance. Equiduct will work as an award, but could also give its system to "" systematic internalisers not willing to implement the investment needed to meet regulatory constraints.
Offer new services
The awards, which, for most, have long benefited from natural monopoly, have no intention of the movement. "MIF directive intermediaries offers new capabilities, but it imposes constraints on the other hand, says Roland Bellegarde, Deputy General Director markets cash at Euronext." Intermediaries should be able to demonstrate to their clients that they were well executed their orders in the best possible way.
For Euronext, therefore the opportunity to offer new services so that intermediaries can cope with these constraints. Offer a display for the price before negotiations requires, in addition to the distribution network, a capacity of collection intermediaries. Euronext considers have both. It must then be able to redirect the flow to clearing and settlement systems.
The Pan-European market company has also submitted, since the end of the summer, at the College of regulators of optimization of the flow of orders to increase opportunities for application in a same intermediate. Do put into "in a simple way, if two orders from same intermediary in the best range we action them together, explains Roland Bellegarde." This will allow a side inbranch, any cost savings by avoiding the intermediary to achieve investment imposed by the new regulatory constraints. "For the latter, it's worthwhile projects so long as the intermediaries have no alternative of liquidity accompanied by a compensation solution. Euronext, which here meets the priorities of stakeholders reduced costs, protection to regulatory constraints, hopes to be able to make an announcement by the end of the year. But stakeholders have already been surveyed.