Way the new European directive on investment services (ISD) is now in its decisive phase and the European Parliament prepares to vote - today in the Committee on Economic and Monetary Union and September 24 in the plenary - its amendments to the text proposed by the Commission last November . The goal of DSI is to create an integrated market in securities trading and an effective "single passport" by which investment firms can operate throughout the EU. Member states will no longer be allowed to adopt, as in the Italian case, a system of concentration of trade on regulated markets, which should therefore be open to competition from multilateral trading systems and by those companies investment (particularly banks) that will implement the internationalization of trade.
The rapporteur, British Conservative Theresa Villiers, after an initial position in favor of unconditional liberalization of trading channels that sparked criticism of the main European exchanges and caused an avalanche of amendments (over 400), much softened its approach and propose next Tuesday in Strasbourg, a compromise text that seems to have a good chance of being accepted by MEPs.
However, it remains central to the outcome on the issue of pre-trade transparency: the art. 25 of the Commission's proposal aims to introduce compulsory charges pre-trade transparency for banks that execute transactions for the internalisation of trade, requiring them to announce the purchase prices and sales that are committed to effect the transactions in shares, even if they are traded on a regulated market. A requirement that, while it increases the transparency of prices determined on the market, secondly, by exposing those who internalize the risk of a trade position, it could nullify the excess of the concentration rule. The compromise proposed by Villiers (who initially proposed the deletion of the whole art. 25) accepts the pre-trade transparency, but also requires that companies internalisers to conduct transactions at a price "equal to or better "than anticipated. European shares are strongly against and are pressing on MEPs to obtain the cancellation of this standard." This mechanism of price improvement, "says a representative of the Italian Stock Exchange," a nonsense of the pre-trade transparency allowing you to spreads set deliberately wide in order to have more room for maneuver in setting a case by case, the price actually charged. "
She seems confident, however, the compact support of the liberals and the most popular (on this divided along national boundaries), even when on the front of the Council for consideration of the proposal is well advanced, the Italian presidency - which aims to reach an agreement by October - has proposed a compromise that eliminates the possibility of price improvement. Looming for the Italian Presidency therefore a delicate and difficult negotiations with the Assembly in Strasbourg.
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