17 Amendments of Arlene McCARTHY related to 2010/2075(INI)
Amendment 7 #
Motion for a resolution
Recital B
Recital B
B. whereas MiFID was intended to strengthen transparency, consumer protection and competition on a level playing field, wereith the key objectives when MiFID came into force of ensuring liquid, efficient and fair markets, and whereas, following the financial crisis, measures to limiting systemic risk must be prioritisedshould also be strengthened in order to meet that objective,
Amendment 22 #
Motion for a resolution
Recital C
Recital C
C. whereas market fragmentation in equities trading has had an inevitable impact upon liquidity and market efficiency, and whereas the effect of an increased number of venues, both in the on-exchange and off-exchange space, and increasingly technology-driven trading has significantly decreased average order executransaction size from EUR 22 266 in 2006 to EUR 9 923 in 2009,
Amendment 26 #
Motion for a resolution
Recital D
Recital D
D. whereas the decrease in ordertransaction size has led to a reduction in the capacity of market participants to instantly execute large orders on a particular market and the desire to prevent market impact for large orders has encouraged the expansion of dark-pool trading, and whereas less than 10% of all trading in EEA equities shares on organised markets use the MiFID pre- trade transparency waivers (CESR/10- 394), whereas this MiFID waiver allows for dark-pool trading on an organised market as a more transparent and better regulated alternative to dark trading in the OTC space,
Amendment 30 #
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas MiFID defines OTC trading as having the characteristics of being ad- hoc and irregular and carried out with wholesale counterparties and being part of a business relationship which is itself characterised by dealings above standard market size, and where the deals are carried out outside the systems usually used by the firm concerned for its business as a systematic internaliser,
Amendment 31 #
Motion for a resolution
Recital D b (new)
Recital D b (new)
Db. whereas despite the provision in MiFID of waivers to allow dark trading on organised markets, the establishment of MTFs and Systematic Internalisers (SIs) and the definition of OTC trades as being irregular and ad hoc, OTC trades not carried out on an SI basis continue to account for a high proportion of equities trading at 38% of all reported trades according to CESR/10-394, and this proportion has not declined since the implementation of MiFID, whereas tighter and more effective enforcement of MiFID rules and waivers should therefore be ensured,
Amendment 35 #
Motion for a resolution
Recital E
Recital E
E. whereas broker crossing networks (BCNs) provide differentshould be fully investigated to ensure that where they provide the same services toas regulated markets (RMs) and multilateral trading facilities (MTFs) in so far as they are closed systems and a technological extension of the traditional, discretionary broker-client relationshipthey are regulated as such,
Amendment 50 #
Motion for a resolution
Recital H
Recital H
H. whereas greater transparency via pre- and post-trade reporting of trading activity across all asset classes is fundamental to ensuring an efficient price formation process, and therefore the fair and efficient operation of the market, whereas such transparency furthermore provides improved early warning of the build-up and scale of developing problems,
Amendment 54 #
Motion for a resolution
Recital H a (new)
Recital H a (new)
Ha. whereas the G20 decisions of 24 and 25 September 2009 in Pittsburgh, stated that "all standardized OTC derivative contracts should be traded on exchanges or electronic trading platforms",
Amendment 68 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Asks for an investigation into the functioning of the systematic internaliser (OTC trading of equities and the functioning of the MTF and the SI) regimes and the bringing forward ofcalls for improvements to the way in which this categoryOTC trading is regulated to increase its use as a subset of OTCensure that the use of MTFs in the execution of orders on a multilateral basis and of SIs in the execution of orders on a bilateral basis increases, and that the proportion of equities trading carried out OTC declines substantially;
Amendment 83 #
Motion for a resolution
Paragraph 6 – introductory part
Paragraph 6 – introductory part
6. Calls for the introductionorough enforcement of newthe provisions in MIFID for BCNs including requirementsto ensure that BCNs that are carrying out activities equivalent to an RM, MTF or SI are regulated as such, and in order to facilitate this enforcement insists that all BCNs should be required to submit to the competent authorities:
Amendment 88 #
Motion for a resolution
Paragraph 7
Paragraph 7
Amendment 96 #
Motion for a resolution
Paragraph 8
Paragraph 8
Amendment 104 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Suggests that a minimum order size for dark-pool transactions, whether on an organised trading venue or BCN, may be warranted and asks for an investigation into the merits of this for maintainingEmphasises that only trades that truly face market impact can make use of the pre-trade transparency waiver and therefore be executed as dark-pool transactions, and this should be rigorously enforced to ensure an adequate flow of trade through the lit venues in the interests of price discovery;
Amendment 109 #
Motion for a resolution
Paragraph 10 – point a
Paragraph 10 – point a
Amendment 117 #
Motion for a resolution
Paragraph 10 – point c
Paragraph 10 – point c
Amendment 186 #
Motion for a resolution
Paragraph 30
Paragraph 30
30. Supports the Commission's intention to include OTC derivative instruments within the scope of MiFID as the trading of such products transitions increasingly to formalganised trading venues and are subject to increasing standardisation and central clearing requirements;
Amendment 190 #
Motion for a resolution
Paragraph 30 a (new)
Paragraph 30 a (new)
30a. Calls for a proposal from the Commission to ensure that all OTC derivatives contracts that can be standardised are traded on exchanges or electronic trading platforms, to ensure the price of such contracts are formed in a transparent, fair and efficient manner, free from conflict of interest,