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March 2012


The London Stock Exchange has provided a response to ESMA’s consultation (2012/98) on possible Delegated Acts in the EU Regulation on short selling and certain aspects of credit default swaps.


In our submission, we highlight the following points:

  • LSEG believes that the timescales set by ESMA hamper its ability to deliver to the Commission, the best possible advice of high quality and to credible standards

  • LSEG believes that due to lack of sufficient time, ESMA has been unable to consider in satisfactory detail the impact of the proposals on market participants.

  • Concerning the trigger points for of what constitutes a significant fall in value for bonds, we suggest that to prevent the price change of a relatively small number of basis points from activating the trigger point for low-yield bonds, regulators use a combination of a minimum percentage yield in conjunction with a minimum absolute change in yield values before considering a ban.


LSEG Response to ESMA Consultation on possible Delegated Acts in the EU Regulation on short selling and certain aspects of credit default swaps (pdffile pdf - 286 KB)

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