The London Stock Exchange has responded to the EU Commission's Green Paper on Financial Services Policy (2005-2010).
In our response, we welcome the emphasis on the global nature of financial services, in particular, the focus on the emerging markets of India and China. We support the intention to concentrate on implementation and enforcement of the Financial Services Action Plan. We welcome the commitment to a bottom up evolutionary approach to and rigorous cost benefit analysis of all future initiatives. We also support the emphasis on improving the environment for risk capital for smaller European companies. However, we do raise some concern about the proposals for a 26th regime and a single EU Rule Book, which could lead to uncertainty, cost and delay. As regards future initiatives, we suggest that there is scope for the Commission to facilitate a debate on post trade infrastructure arrangements.
The original consultation paper can be found here