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Børsmæglerforeningens årsmøde 2011

Explore key topics from the Børsen Association’s annual meeting in 2011, including market temperatures, EU supervision, MiFID Review, OTC derivatives, and more. Delve into discussions on market data competition, OTC derivatives regulation, short-selling rules, and the impact of stock taxes. Gain valuable insights from industry experts Jan Parner and Henrik Gade Jepsen.

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Børsmæglerforeningens årsmøde 2011

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  1. Børsmæglerforeningens årsmøde 2011

  2. Emner • Værdipapirmarkedernes temperatur • EU-tilsyn • MiFID Review • OTC-derivater • Short-selling • Aflønning • Aktieskat • Solvens II og Basel III

  3. Temperaturen…(1)

  4. Temperaturen….(2)

  5. ESMA • Katalysator for harmonisering af regler og praksis • Ny magtfaktor  behov for dialog: • Markedskonsultationer • Stakeholder groups

  6. Dark Pools og BrokersCrossing Networks Kilde: Thomson Reuters

  7. Status for markedsinformation • Konkurrence på markedsdata? NEJ • Rimelige markedsdatapriser? NEJ • God datakvalitet? NEJ • Let tilgængelig information? NEJ • Konsolideret information? NEJ • LØSNING? GRATIS RÅ- OG STAMDATA!

  8. Forslag til regulering af OTC-derivater • Krav om brug af central clearingsmodpart (CCP) for såkaldt ”CCP-egnede” derivater • Øgede kapitalkrav til bankerne ved bilateral clearing • Øget handel via regulerede markeder og andre handelspladser • Øget gennemsigtighed • Bedre overvågning

  9. Short-selling • Market-makere skal undtages fra forbud og oplysningskrav • Hedging med korrelerede obligationer skal være muligt • Rimelige grænser for offentliggørelse af short-selling positioner

  10. Aktieskat – hvad siger IMF? • Reducere ”uproduktive” finansielle transaktioner? NEJ • Fremme langsigtede investeringer og reducere spekulative bobler? NEJ • Reducere markedsvolatilitet? NEJ • Ødelægge reelle investeringer og hedging? JA Kilde: http://www.imf.org/external/np/seminars/eng/2010/paris/pdf/090110.pdf

  11. Indlægsholdere • Jan Parner, Finanstilsynet • Henrik Gade Jepsen, ATP

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