The Harmonisation of Securities Regulation in Europe in the New Trading Environment
The integration of the securities markets in Europe is gaining momentum: Euronext has been in operation for several months now, while after the iX failure new ways are being investigated to structure anew the securities trading business. In July 2000, a few days before the iX proposal was announced, this paper was presented at a Cambridge UK Conference. It attempts to identify the main lines of development which harmonisation has followed in Europe, reviewing the policies underlying the directives, the need for a European SEC and finally the conflict issues that are likely to pop up in any type of cross border integration of the market organisation. Although written with the iX model in mind, the issues that are analysed will have to be addressed in any market structure. The conflict rules contained in the 13th Directive are also analysed, as these probably will have to be adapted to an integrated cross border trading environment.