Traduction de «système de négociation parallèle » (Français → Anglais) :

It is necessary to recognise the emergence of a new generation of organised trading systems alongside regulated markets which should be subjected to obligations designed to preserve the efficient and orderly functioning of financial markets.

It is necessary to recognise the emergence of a new generation of organised trading systems alongside regulated markets which should be subjected to obligations designed to preserve the efficient and orderly functioning of financial markets.

1. Congratulates Bulgaria on having been able to provisionally close 26 out of the 31 negotiation chapters; requires timely proposals from the Commission, the Council Presidency and the Member States to enable Bulgaria to complete negotiations early in 2004; expects the EU and Bulgaria to find an equitable solution to the financial issues which are at the heart of three remaining chapters; notes that discussions on future policy reforms or on the new financial perspective shall neither impede the pursuit and conclusion of negotiations with Bulgaria nor be prejudged by them; underlines the symbolic significance of concluding the negoti ...[+++]ations in parallel with the accession to the EU of ten new Member States;

1. Congratulates Bulgaria on having been able to provisionally close twenty-six out of the thirty-one negotiation chapters; requires timely proposals from the Commission, the Presidency and the Member States to enable Bulgaria to complete negotiations early in 2004; expects that the EU and Bulgaria will find an equitable solution to the financial issues which are at the heart of three remaining chapters; notes that discussions on future policy reforms or on the new financial perspective shall neither impede the pursuit and conclusion of negotiations with Bulgaria nor be prejudged by them; underlines the symbolic significance of concluding the negoti ...[+++]ations in parallel with the accession to the EU of ten new Member States;

Difficulties arise because of prevailing uncertainty as regards the way in which "regulated markets" should fulfil their obligations to ensure that all securities comply with the requirements for "official listing" (as specified in Directive 79/279 [10] In essence, the practice to date has been that the regulated market should provide listing functions in respect of all securities which are dealt in on that market. This practice for "regulated markets" officially to list securities prior to trading can add significantly to costs and limit the scope for competing markets and exchanges to admit the same security to trading. admission to listing and admission to trading must therefore be decoupled if more active competition betwee ...[+++]n trading systems is to be facilitated. Furthermore, structural changes such as the demutualisation of exchanges call for a redefinition of how listing and public disclosure objectives are realised. However, before such far-reaching adjustments can be envisaged, an equitable basis must be found for sharing the regulatory overheads of listing and fulfilling related requirements such as dissemination of price-sensitive information. Without appropriate arrangements, profit-driven exchanges may seek to divest costly listing functions, particularly if they perceive competitors as "free-riding" on their listing services. This would jeopardise the important "public good" functions served by listing. Implementation of this approach should be foreshadowed in an updated definition of "regulated markets". It also calls for a re-examination of the provisions of Directive 79/279 [11].

In order to do so the Commission will follow a twin-track approach : the reinforcement of Community-wide policies and measures, and the development of emissions trading system within the EU to enhance the cost effectiveness of the EU's implementation strategy including the preparation for the use of the Kyoto Protocol's flexible mechanisms.