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

In order to provide a sound transparency framework for all relevant instruments, these should apply to bonds and structured finance products with a prospectus or which are admitted to trading either on a regulated market or are traded on a multilateral trading facility (MTF) or an organised trading facility (OTF), to derivatives which are traded or admitted to trading on regulated markets, MTFs and OTFs or considered eligible for central clearing, as well as, in the case of post-trade transparency, to derivatives reported to trade repositories.

1. Regulated markets and investment firms and market operators operating an MTF or an OTF based on the trading system operated shall make public prices and the depth of trading interests at those prices for orders or quotes advertised through their systems for bonds and structured finance products admitted to trading on a regulated market or for which a prospectus has been published, emission allowances and for derivatives admitted to trading or which are traded on an MTF or an OTF.

1. Member States shall require a regulated market to have in place effective systems, procedures and arrangements to ensure its trading systems are resilient, have sufficient capacity to deal with peak order and message volumes, are able to ensure orderly trading under conditions of market stress, are fully tested to ensure such conditions are met and are subject to effective business continuity arrangements to ensure continuity of its services if there is any unforeseen failure of its trading systems.

40. Asks the Commission, in the context of its ongoing negotiations with the UNFCCC, to continue to prepare the ground for an ambitious global climate agreement at the COP15 in Copenhagen in 2009; considers that the preparations should also include the promotion of the EU’s Emissions Trading System (ETS) as a template for emissions trading, with a view to linking other emissions trading systems to the EU ETS in the future and driving a competitive international carbon market; the Commission shall inform Parliament of the progress of ...[+++] these preparations;

The package we have just approved in the Commission includes the following: an updated Emissions Trading System (ETS) to create a borderless ETS to drive cuts in greenhouse gas emissions from big industrial emitters; specific, binding national targets, so that Member States know exactly what they have to do outside the ETS, in sectors like transport, buildings, agriculture and waste; a new approach to actively promote renewable targets, again including binding national targets; new rules to stimulate carbon capture and storage, tomorrow’s technology to cut emissions; and new state aid rules that take into consideration the specificit ...[+++]y of the action needed in this environmental field.

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].