Traduction de «frais de négociation » (Français → Anglais) :

45. Endorses the fact that the 5 % cut in Members' travel expenses and staff mission expenses produced savings of EUR 4 million in 2013; considers it advisable to pursue a stringent policy to reduce travel expenses through negotiated agreements with airlines; calls on the Secretary-General to submit proposals to that effect;

47. Endorses the fact that the 5% cut in Members' travel expenses and staff mission expenses produced savings of EUR 4 million in 2013; considers it advisable to pursue a stringent policy to reduce travel expenses through negotiated agreements with airlines; calls on the Secretary-General to submit proposals to that effect;

1. Without prejudice to Article 8 of Regulation (EU) No 648/2012, a trading venue shall provide trade feeds on a non-discriminatory and transparent basis, including as regards fees related to access, upon request to any CCP authorised or recognised by Regulation (EU) No 648/2012 that wishes to clear transactions in financial instruments that are concluded on that trading venue.

1. Without prejudice to Article 8 of Regulation (EU) No 648/2012, a trading venue shall provide trade feeds for transferable securities and money market instruments on a non-discriminatory and transparent basis, including as regards fees related to access, on request to any CCP authorised or recognised by Regulation (EU) No 648/2012 that wishes to clear financial transactions executed on that trading venue.

Non-discriminatory access to a CCP should mean that a trading venue has the right to non-discriminatory treatment in terms of how contracts traded on its platform are treated in terms of collateral requirements and netting of economically equivalent contracts and cross-margining with correlated contracts cleared by the same CCP, and non-discriminatory clearing fees.

Difficulties arise because of prevailing uncertainty as regards the way in which "regulated markets" should fulfil their obligations to ensure that all securities comply with the requirements for "official listing" (as specified in Directive 79/279 [10] In essence, the practice to date has been that the regulated market should provide listing functions in respect of all securities which are dealt in on that market. This practice for "regulated markets" officially to list securities prior to trading can add significantly to costs and limit the scope for competing markets and exchanges to admit the same security to trading. admission to listing and admission to trading must therefore be decoupled if more active competition between trading sys ...[+++]tems is to be facilitated. Furthermore, structural changes such as the demutualisation of exchanges call for a redefinition of how listing and public disclosure objectives are realised. However, before such far-reaching adjustments can be envisaged, an equitable basis must be found for sharing the regulatory overheads of listing and fulfilling related requirements such as dissemination of price-sensitive information. Without appropriate arrangements, profit-driven exchanges may seek to divest costly listing functions, particularly if they perceive competitors as "free-riding" on their listing services. This would jeopardise the important "public good" functions served by listing. Implementation of this approach should be foreshadowed in an updated definition of "regulated markets". It also calls for a re-examination of the provisions of Directive 79/279 [11].