Extracts from the press conference by Michel Barnier on new rules for securities markets by amending the 2004 Markets in Financial Instruments Directive
On 20 October 2011, Michel Barnier, Member of the EC in charge of Internal Market and Services, presented the EC proposals on securities markets and insider dealing.
In recent years, financial markets have changed enormously. New trading venues and products have come onto the scene and technological developments such as high frequency trading have altered the landscape. Drawing lessons from the 2008 financial crisis, the G20 agreed at the 2009 Pittsburgh summit on the need to improve the transparency and oversight of less regulated markets – including derivatives markets - and to address the issue of excessive price volatility in commodity derivatives markets.
In response to this, the European Commission has today tabled proposals to revise the Markets in Financial Instruments Directive (MIFID). These proposals consist of a Directive and a Regulation and aim to make financial markets more efficient, resilient and transparent, and to strengthen the protection of investors. PHOTOSHOTLISTLINKLINK