8 Amendments of Sari ESSAYAH related to 2011/0298(COD)
Amendment 222 #
Proposal for a directive
Recital 8
Recital 8
(8) It is appropriate to include in the list of financial instruments certain commodity derivatives and others which are constituted and traded in such a manner as to give rise to regulatory issues comparable to traditional financial instruments. Contracts of insurance in respect of activities of classes set out in Annex I of Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of business of Insurance and Reinsurance (Solvency II) if entered into with an insurance undertaking, reinsurance undertaking, third-country insurance undertaking or third-country reinsurance undertaking, are not derivatives or derivative contracts for the purposes of this Directive.
Amendment 416 #
Proposal for a directive
Article 2 – paragraph 1 – point n a (new)
Article 2 – paragraph 1 – point n a (new)
(na) persons who exclusively deal on own account, as part of another non-financial corporate activity, or as part of a non- financial commodity trading activity, to hedge the production/consumption/non- financial activities of the group to which the person belongs.
Amendment 586 #
Proposal for a directive
Article 17 – paragraph 2
Article 17 – paragraph 2
2. An investment firm that engages in algorithmic trading shall at least annually provide to its home Competent Authority a description of the nature of its algorithmic trading strategies, details of the trading parameters or limits to which the system is subject, the key compliance and risk controls that it has in place to ensure the conditions in paragraph 1 are satisfied and details of the testing of its systems. A competent authority may at any time request further information from an investment firm about its algorithmic trading and the systems used for that trading, including the source code of its algorithms.
Amendment 589 #
Proposal for a directive
Article 17 – paragraph 2 a (new)
Article 17 – paragraph 2 a (new)
2a. An investment firm that engages in a high frequency trading strategy shall provide to the competent authority the raw audit-trail of its quotation and trading activity. ESMA shall develop binding technical standards to define the data to be provided and its format.
Amendment 1008 #
Proposal for a directive
Article 51 – paragraph 3
Article 51 – paragraph 3
3. Member States shall require a regulated market to have in place effective systems, procedures and arrangements to allow identification of orders following an algorithmic trading strategy and of orders following a high-frequency trading strategy when placing such order and ensure that algorithmic or high-frequency trading systems cannot create or contribute to disorderly trading conditions on the market including systems to limit the ratio of unexecuted orders to transactions that may be entered into the system by a member or participant, to be able to slow down the flow of orders if there is a risk of its system capacity being reached and to limit the minimum tick size that may be executed on the market.
Amendment 1011 #
Proposal for a directive
Article 51 – paragraph 3 a (new)
Article 51 – paragraph 3 a (new)
3 a. ESMA shall develop binding technical standards to define the identification format, in order to allow consistency across trading venues and Member States and a meaningful consolidation of data at European level.
Amendment 1098 #
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 1 – introductory part
Article 59 – paragraph 1 – subparagraph 1 – introductory part
Member States shall ensure that regulated markets, operators of MTFs and OTFs which admit to trading or trade commodity derivatives apply limits on the number of contracts which any given market members or participants, except non-financial members or participants acting to hedge the production of their respective groups, can enter into over a specified period of time, or alternative arrangements with equivalent effect such as position management with automatic review thresholds , to be imposed in order to:
Amendment 1152 #
Proposal for a directive
Article 60 – paragraph 1 – subparagraph 1 – point b
Article 60 – paragraph 1 – subparagraph 1 – point b
(b) provide the competent authority with a complete breakdown of the positions of any or all market members or participants, including any positions held on behalf of their clients, excluding positions reported (or to be reported) in accordance with Regulation (EU) No …/… [EMIR] or Regulation (EU) No 1227/2011 on wholesale energy market integrity and transparency, upon request.