But these statements had so far not sufficient

The Commodity future Trading Commission (CFTC) does not yield to the temptation of extraterritoriality. Called to decide on the regulation of a foreign award as a result of a dispute between the Nymex and the InterContinentalExchange, the TCRC has confirmed Tuesday night that it did intervene not in the regulation of the exchanges made on the side on the ICE Futures WTI contract and in the regulation of foreign grants generally.

As a first step, the Nymex had accused the ICE to bypass more stringent regulatory constraints in the United States by choosing to electronically quote contract lighthouse of the stock market New York on its London subsidiary, the ICE Futures (former International Petroleum Exchange), with direct access to its American members. At the request of flexibility expressed by the market, the regulator however brought some improvements to its policy of nonintervention soured-screws on foreign exchanges. These include ensuring the possibility, where appropriate, sharing information with the competent authorities. Scholarships applied this procedure of non-intervention could also face to directly to the CFTC data exchanges and positions.

This decision is important. Fears of an extraterritorial temptation to us regulators explain for a good part, in addition to issues of governance, the misgivings caused in Europe by transatlantic merger. Whether the will of the Nasdaq's grab for the London Stock Exchange or the betrothal between Nyse Group and the stock exchange Euronext pan-European. The representatives of the Securities & Exchange Commission (SEC), repeatedly in recent months provided that it was not their intention to amend the legal and regulatory environment currently in force in Europe. But these statements had so far not sufficient.

The powers of the FSA reinforced

The British Ministry of Finance announced in September that the powers of the local regulator, the Financial Services Authority (FSA), would be reinforced by legislation. " "The interest of the Government on this subject is specific and clear: it is to preserve low level and balanced regulation mode which made London a magnet for international finance", explained then one of the officials of the Ministry, Ed Balls. The FSA should have a right of veto, to prevent possible changes in the regulations of the London Stock Exchange and other market platforms which would be deemed unbalanced. Teams of the Nyse and Euronext have reflected on another system of protection, with the creation of a foundation of the Netherlands and a us trust. These structures can, if necessary, exercise options to retrieve the voting rights on the European or American of Nyse Euronext subsidiaries during a limited period of time. Each will be composed of three members, including the profile and level of qualification required are currently under study by the SEC and the College of regulators of Euronext. It is after a test whose duration remains to be determined in agreement with regulators leaving the two candidates to the fusion time to offer their own solutions that this temporary split will be effective.

This new statement of non-intervention could strengthen a little more stakeholders about the future of European regulatory environment.