4 Amendments of Anne E. JENSEN related to 2011/0296(COD)
Amendment 116 #
Proposal for a regulation
Recital 8
Recital 8
(8) This new category of organised trading facility will complement the existing types of trading venues. While regulated markets and multilateral trading facilities are characterised by non-discretionary execution of transactions, the operator of an organised trading facility only accessible to its clients excluding any credit institution or investment firm should have discretion over how a transaction is to be executed. Consequently, conduct of business rules, best execution and client order handling obligations should apply to the transactions concluded on an OTF only accessible to its clients operated by an investment firm or a market operator. However, because an OTF constitutes a genuine trading platform, the platform operator should be neutral. Therefore, the operator of an OTF that provide organised execution and arranging of trading in equities should not be allowed to execute in the OTF any transaction between multiple third-party buying and selling interests including client orders brought together in the system against his own proprietary capital. This also excludes them from acting as systematic internalisers in the OTF operated by them.
Amendment 631 #
Proposal for a regulation
Article 29 – paragraph 1 a (new)
Article 29 – paragraph 1 a (new)
1a. For derivative instruments other than OTC derivatives, the access to trade feeds established in Art. 29.1 will only apply to trading venues handling more than 10% of the total European trading in derivative instruments.
Amendment 641 #
Proposal for a regulation
Article 29 – paragraph 4
Article 29 – paragraph 4
4. The competent authority of the trading venue may only deny a CCP access to a trading venue where such access would threaten the smooth or orderly functioning of markets. If a competent authority denies access on that basis it shall issue its decision within two months following receipt of the request referred to in paragraph 2 and provide full reasons to the trading venue and the CCP including the evidence on which its decision is based. For derivative instruments, other than OTC derivatives, access of the CCP to a trading venue shall be granted only where the competent authorities concerned are confident that interoperability arrangements may not endanger the stability and robustness of the clearing processes. For OTC derivatives, access of the CCP to a trading venue shall be granted in accordance with the provisions of Regulation [ ] (EMIR).
Amendment 650 #
Proposal for a regulation
Article 29 – paragraph 6 – point a
Article 29 – paragraph 6 – point a
(a) the conditions under which access could be denied by a trading venue for instruments other than OTC derivatives, including conditions based on the volume of transactions, the number of users or other factors creating undue risks.