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The Trading Mesh

KattenMuchinRosenman LLP's Blog

Recent proposed amendments to the MiFID II draft

March 30, 2012 Comments (0)           

The EU rapporteur and member of the EU Parliament's Committee on Economic and Monetary Affairs (Markus Ferber) charged with the development of proposals for MiFID II as it progresses through the EU legislative process has drafted a report setting out proposed changes to the current MiFID II draft.
There are a few points to note arising from the Ferber report in relation to proprietary and "high frequency" trading:
- there is the proposed addition of an...

France Releases Details of Financial Transaction Tax

February 16, 2012 Comments (0)           

On February 8, 2012, the French cabinet approved a proposed financial transaction tax (FTT).The proposal will now be considered by the French parliament and, if passed, will imposetaxes on certain transactions in shares and other financial instruments, as well as on highfrequency trading (HFT).
The government has until the end of the current parliamentary session on March 22, 2012 toget legislative approval for the FTT. Given the tight legislative timeframe, it is possible thatthe bill will...

Partial Lifting of Short-Selling Restrictions in Europe

February 16, 2012 Comments (0)           

Since August 2011 there have been bans in place in France, Italy, Spain and Belgium on short-selling the shares of certain banking and financial institutions headquartered in those jurisdictions. The restrictions were imposed by the relevant national regulatory authorities at a time of heightened tension in the markets over the financial stability of eurozone banks.
Earlier this week, financial markets regulators in France, Belgium and Spain moved to lift their respective bans on...