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WFE Focus December 2011
Regulation

Athens Exchange approves amendments to alternative market

The Board of Directors of the Athens Exchange approved various amendments in the institutional framework of the Alternative Market (EN.A) of ATHEX. They provide pricing incentives for the gradual expansion of the free float of companies listed on EN.A, enable the use of a new service of ATHEX, the Electronic Book of Offers, give the potential to newly established companies willing to acquire the capacity of the Nominated Advisor on EN.A and allow the creation of different distinguished trading categories in EN.A., according to the companies’ main activity, such as environment-friendly activities, in order to reinforce the financing of investments in crucial sectors of the Greek economy. In order to facilitate both investors and listed companies, the Exchange decided to equate the duration of the ATHEX trading session for EN.A. with the one of the main market.

FINRA and Ontario Securities Commission sign regulatory cooperation arrangement

On 10 November 2011, the Financial Industry Regulatory Authority (FINRA) and the Ontario Securities Commission entered into a Memorandum of Understanding that will facilitate the exchange of information with respect to regulated entities that operate across the US-Canadian border. The MoU provides a clear mechanism for consultation and cooperation between FINRA and the OSC, and establishes a strong framework to enhance the ability of the OSC and FINRA to oversee securities firms and markets. The arrangement will facilitate the exchange of information on firms and individuals under common supervision, support collaboration on investigations and enforcement matters, and provide a more complete view of market activity.

Shenzhen Stock Exchange amends disclosure of listed companies

In order to strengthen the supervision of information disclosure of listed companies and relevant disclosure parties, and facilitate the successful implementation of information disclosure, the Shenzhen Stock Exchange recently made some amendments to the measures for appraisal on information disclosure of listed companies. The significant features of the amendments include adding indicators of quantitative appraisal and building up a comprehensive quantitative appraisal indicator system.

SIX Swiss Exchange/Deutsche Börse’s Scoach receives licence from Hong Kong regulator

Scoach Switzerland, the joint venture exchange for structured products of SIX Swiss Exchange and Deutsche Börse, has been licensed by the Hong Kong Securities and Futures Commission to connect market participants in Hong Kong directly to the Xetra trading system. In the future, banks and brokers can use the Xetra network to place structured product orders for trading on Scoach.

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