NYSE Euronext (NYSE: NYX) today issued the following statement regarding the publication of the legislative proposal by the European Commission:
With the publication of the proposals, European policymakers now have an opportunity to strengthen Europe’s financial market regulation for the benefit of investors, listed companies and the economy as a whole. We consider today’s legislative proposal as a significant step in delivering on the G20 commitment made in September 2009 to establish safer, sounder and more transparent financial markets globally and in Europe. Market transparency is at the heart of the debate and as such we very much welcome the proposals on promoting the consolidation and transparency of equity trade data, extending the transparency provisions to the non-equities space and bringing previously unregulated trading systems within the scope of the legislative framework.
Dominique Cerutti, president and deputy ceo of NYSE Euronext, commented, “Trust in financial markets has continued to deteriorate. This proposal by the European Commission is a significant undertaking to address a range of topics, all aimed at improving the transparency and quality of price formation and investor protection in capital markets, by managing the natural tensions between confidential trading and pure execution services. The health of capital markets is reliant on regulation to balance these tensions with the need for continued innovation and to provide proper protection to all investors. This should be complemented by the introduction of a truly level playing field for the execution of trades applicable to all market participants. The legislative proposal tabled today goes a long way to restoring transparency and we broadly welcome the proposals made by the European Commission.”