News | Regulation & compliance The economic impact of reforms
crisis reform programme in Europe, is more than aware of the issue. Several high profile individuals, including London Stock Exchange chief executive Xavier Rolet and David Wright, secretary general of the International Organization of Securities Commissions, have in the past spoken out against the lack of rigorous quantitative analysis into the long-term economic cost of financial regulation.
Michel Barnier
The European Commission has launched an assessment of the combined effects of its financial reforms on the European economy. The move comes amid growing criticism that it has failed to adequately assess the impact of its wide ranging reform programme.
The Commission is legally obliged to perform and publish impact assessments on each dossier but calls are growing for a better understanding of the combined implications of the onslaught of reforms that range from capital requirements and new derivatives trading rules to growth and employment. There have been reports that Commissioner Michel Barnier’s Internal Market and Services unit, responsible for implementing the G20 post-
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LSE membership resignations hit five-year high
Although stock markets are rallying, investors have lost their appetite for UK equities, which has seen stockbrokers and trading firms resigning from the London Stock Exchange at the fastest rate for five years. Exchange notices have shown that 18 firms have withdrawn, up from 15 in the first quarter of last year.
This compares to the first quarter of 2011, when nine firms left. Ten departed in 2010 while 12 exited in 2009, a period which included the departure of collapsed bank Lehman Brothers.
The firms that left the fold
range from high-frequency trading firms, including Tibra Trading to wealth managers such as TAM Asset
Xavier Rolet
Management. Others on the list were the collapsed firms of OCM Capital Markets, Jendens Securities and Silverwind Securities. A LSE membership permits the holder to trade in a range of products, including UK cash equities and depositary receipts, and costs £12,500 per year. According to Rebecca
Healey, European analyst at capital markets consultancy Tabb Group, there are a combination of reasons. This includes regulation, austerity measures and falling commissions. Although in isolation it is not necessarily a big deal, taken together with the looming financial transaction tax, it could force concentration into a handful of blue chip stocks. ■
Best Execution | Spring 2013
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