Dude, where is my level playing field?
Mon, 21 Jan 2013 05:50:24 GMT
At the heart of the European Union is the concept of a single market with a level playing field. Markets moving together, where trade and competition create benefits for everyone. Back in 2007, MiFID was a true testament to this when it introduced the idea of passporting regulatory oversight across Europe. Reading the latest regulatory news, there’s precious little to remind us of that now.
We’ve got the German HFT Act, the French Banking Bill and, despite efforts to establish a Financial Transaction Tax (FTT) on a European level, independent French and Italian versions. Neither tax aligns with the European version, nor does the requirement for HFT supervision in Germany align with existing oversight practices in the rest of Europe. And let’s not even mention the mess of every country embarking on its own version of short selling regulation over the past two years.
More slippery slope than level playing field!