8 Amendments of Astrid LULLING related to 2011/0296(COD)
Amendment 137 #
Proposal for a regulation
Recital 16
Recital 16
(16) An investment firm executing client orders against own proprietary capital should be deemed a systematic internaliser, unless the transactions are carried out outside regulated markets, MTFs and OTFs on an occasional, ad hoc and irregular basis. Systematic internalisers should be defined as investment firms which, on an organised, frequent and systematic basis, deal on own account by executing client orders outside a regulated market, an MTF or an OTF. In order to ensure the objective and effective application of this definition to investment firms, any bilateral trading carried out as a result of an execution of an order with clients should be relevant and quantitative criteria should complement the qualitative criteria for the identification of investment firms required to register as systematic internalisers, laid down in Article 21 of Commission Regulation No 1287/2006 implementing Directive 2004/39/EC. While an OTF is any system or facility in which multiple third party buying and selling interests interact in the system, a systematic internaliser should not be allowed to bring together third party buying and selling interests.
Amendment 143 #
Proposal for a regulation
Recital 17
Recital 17
(17) Systematic internalisers may decide to give access to their quotes only to their retail clients, only to their professional clients, or to both. They should not be allowed to unduly discriminate access within those categories of clients. Systematic internalisers are not obliged to publish firm quotes in relation to transactions above standard market sizeWhen dealing in derivatives instruments price difference stemming from counterparty credit quality may be allowed. The standard market size for any class of financial instrument should not be significantly disproportionate to any financial instrument included in that class.
Amendment 177 #
Proposal for a regulation
Recital 33
Recital 33
(33) Trading venues should also be required to provide access including data feeds on a transparent and non- discriminatory basis to CCPs that wish to clear transactions executed on the trading venue unless the right of access would lead to increased operational risk and fragmentation of liquidity. Approval of new access shall be submitted to market members and CCP members. Licensing and access to information about indices and other benchmarks that are used to determine the value of financial instruments should also be provided to CCPs and other trading venues on a non- discriminatory basis. The removal of barriers and discriminatory practices is intended to increase competition for clearing and trading of financial instruments in order to lower investment and borrowing costs, eliminate inefficiencies and foster innovation in Union markets. The Commission should continue to closely monitor the evolution of post-trade infrastructure and should, where necessary, intervene in order to prevent competitive distortions from occurring in the internal market.
Amendment 421 #
Proposal for a regulation
Article 17 – paragraph 1 – introductory part
Article 17 – paragraph 1 – introductory part
1. Systematic internalisers shall provide upon request firm quotes in the following instruments: (i) Shares & bonds and structured finance products admitted to trading on a regulated market orand for which a prospectus has been published, e; (ii) Emission allowances; and d(iii) Derivatives which are clearing-eligible or aremandated to be centrally cleared and admitted to trading on a regulated market or are traded on an MTF or an OTF when the following conditions are fulfilled:
Amendment 425 #
Proposal for a regulation
Article 17 – paragraph 1 – point -1 (new)
Article 17 – paragraph 1 – point -1 (new)
(-1) The quoting obligation referred in the first paragraph will only apply when all the following conditions are fulfilled: (a) the systematic internaliser is prompted for a quote by a client; b) the quote refers to an instrument that is liquid; c) the quote is at or below retail market size; d) predetermined validity time of the quote; e) the systematic internaliser agrees to provide the quote.
Amendment 447 #
Proposal for a regulation
Article 17 – paragraph 6 a (new)
Article 17 – paragraph 6 a (new)
6 a. Systematic internalisers may update their quotes so as to reflect changes in market conditions.
Amendment 610 #
Proposal for a regulation
Article 28 – paragraph 4
Article 28 – paragraph 4
4. TFor transferable securities and money market instruments, the competent authority of the CCPtrading venue may only deny access to a trading venue access to a CCP where such access would threaten the smooth orand orderly functioning of financial markets. If a competent authority denies access on that basis it shall issue its decision within twomarkets. For other instruments, access to the trading venue shall be determined by the competent authority of the trading venue based on the following criteria: i) fragmentation of liquidity ii) operational risk and complexity iii) number of current CCPs accessing the venue iv) potential affection to smooth and orderly functioning of market The decision by the competent authority of the trading venue shall be issued within 2 months following the receipt of the request referred to in paragraph 2 and provide full reasons to the CCP and the trading venue including the evidence on which the decision is basedby the CCP and a report from the target market to be provided within the one months of the request. The decision shall be notified to the trading venue, to the CCP and to ESMA.
Amendment 640 #
Proposal for a regulation
Article 29 – paragraph 4
Article 29 – paragraph 4
4. TFor transferable securities and money market instruments, the competent authority of the trading venue may only deny a CCP access to a trading venue where such access would threaten the smooth orand orderly functioning of markets. If a competent authority denies access on that basis it shall issue its decision within twoFor other instruments, access to the trading venue shall be determined by the competent authority of the trading venue based on the following criteria: (i) fragmentation of liquidity (ii) operational risk and complexity (iii) number of current CCPs accessing the venue (iv) potential affection to smooth and orderly functioning of market The decision by the competent authority of the trading venue shall be issued within 2 months following the receipt of the request referred to in paragraph 2 and provide full reasonsby the CCP and a report from the target market to be provided within the one months of the request . The decision shall be notified to the trading venue and, to the CCP including the evidence on which its decision is based. and to ESMA.