Brussels/London (Reuters) - S & P rating agency offered a settlement deal in a probe of abuse of market EU financial identifier of price and data provider code Thomson Reuters (TRI).(To) should work to solve such a case, the EU said Monday.
"I take this opportunity to encourage (Thomson Reuters) company to work with us for a quick resolution of the case", Commissioner of competition European Joaquin Almunia told a Conference at Cass Business School in London after a statement in which he announced that the S & P move.
Earlier, Almunia said S & P, owned by the Publisher McGraw Hill (MHP).(N), "is committed to the address of our competition concerns by limiting its price for the distribution of U.S. securities identification numbers and abolishing the charges for these indirect users who obtain the numbers of other companies".
The European Commission has opened two investigations in November 2009.
He announced that investigating the instrument codes used by Thomson Reuters to identify the shares of companies, saying: it may have violated the rules of the EU on the abuse of a dominant position on the market.
The S & P probe centred on the question of whether he was abusing its dominant position by asking predatory pricing for the distribution of its of International Securities Identification numbers (ISINs). The regulatory charges followed complaints by several financial institutions and asset managers. The standard ISIN was developed by the International Organization for Standardization providing cross-border to identify the actions and obligations.
Thomson Reuters markets Division Executive chef Devin Wenig said a panel at the Conference and would not comment directly on application by the Almunia, but he expressed optimism that the problem would be solved.
"Percent fifty years we have worked in collaboration with regulators and we believe that we will join this time as well an effective solution," Wenig said.
FOCUS ON MARKET INFRASTRUCTURE
Almunia also said that regulators plan to study more EU widely control market data, citing efforts supported by the European Commission to overhaul the financial markets as insufficient.
"Regulation alone is not enough." While the regulation tackles the vast market structural failures, you have competition policy to combat the harmful behaviour of the individual market players, "said Almunia.
He said it was time for regulators to examine the control and dissemination of data on the market, to establish if there is abusive behaviour by the owners looking to take advantage of privileged access to information to exclude rivals or distort the market.
The Commission last month opened an investigation on the market of swap default credit of $ 28 billion involving 16 investment banks Goldman Sachs, JP Morgan, Markit and CDS clearing house Europe clear of ice.
"In particular, we must avoid that an entity or a group control critical infrastructure - a trading platform, a platform for compensation or a pre-trading service - for the benefit of a few restricted,"he says. ".
Almunia does not mention Monday the candidature proposed by Deutsche Boerse (DB1Gn.DE) for the acquisition of NYSE Euronext (NYX).(N) to form the largest operator of exchange of the world, but in March, he highlighted the implications for the business model competitions a single Exchange-based Germany.
A merged group of Deutsche Boerse-NYSE Euronext dominate European trade-based derivatives.
(Written by Andrew callus;) (Editing by Chris Wickham)
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