Translation of "Transaction exchange risk " (English → French) :

A minority of Member States also needs to identify Customs Procedure 42 as an additional risk in domestic risk analysis systems and reinforce the exchange of information on fraudulent transactions and traders, inter alia by actively participating in Eurofisc (DE, DK, NL, PL and RO).

The predominant risk for transactions in some classes of OTC derivative contracts may relate to settlement risk, which is addressed through separate infrastructure arrangements, and may distinguish certain classes of OTC derivative contracts (such as foreign exchange) from other classes.

conduct of business requirements for firms, e.g. their obligation to divide their clients into different categories ("eligible counterparties", "professional" and "retail"), their obligations towards each category of client, their obligation to assess whether the products and services which they provide are "suitable" or "appropriate" for their client and their obligation to secure "best execution" for their clients (i.e. the best possible result with the emphasis on best price for retail investors). organisational requirements for firms and markets, e.g. compliance, risk management and internal audit functions that operate independently ...[+++], identification and management of conflicts of interest and limitations on out-sourcing, especially to third countries; transaction reporting to relevant competent authorities of buy and sell transactions in all financial instruments; transparency requirements for the trading of shares (i.e. pre- and post trade transparency for regulated markets, MTFs and 'systematic internalisers') to ensure a level playing field between exchanges, MTFs and systematic internalisers for the trading of the most liquid shares in Europe.

In cases where an investment firm providing portfolio management services is required to provide to retail clients or potential retail clients information on the types of financial instruments that may be included in the client portfolio and the types of transactions that may be carried out in such instruments, such information should state separately whether the investment firm will be mandated to invest in financial instruments not admitted to trading on a regulated market, in derivatives, or in illiquid or highly volatile instruments; or to undertake short sales, purchases with borrowed funds, securities financing transactions, or an ...[+++]y transactions involving margin payments, deposit of collateral or foreign exchange risk.

Some possibilities that have come out of the discussions are: support to the EIB's Investment Facility for high risk projects and to the EDFIs through co-financing, risk (currency exchange [4], political) guarantee funds, transaction advice, preparatory studies.

It was argued also by some, notably the EC Commission, that the benefits of the single market could not be fully realized unless the exchange rate risks and transactions costs were eliminated.< 40> Another concern was that the removal of capital controls under the single market program would permit speculative capital movements to destabilize the ERM's system of quasi-fixed exchange rates or to interfere with national monetary policy.