natgillin/translations-raw huggingface dataset:
Ker se je povprečni obseg trgovanja zmanjšal z 22.266 EUR v letu 2006 na 9.923 EUR v letu 2009 in poteka sedaj samo 0,9 % trgovanja z oprostitvijo v zvezi z „referenčno ceno“, je revizija različnih oprostitev utemeljena.
Given that the average trade size has reduced from €22,266 in 2006 to €9,923 in 2009 and only 0.9% of trading is now conducted under the ‘Reference Price’ waiver there is grounds for a review of the different waivers.
Treba je poskrbeti tudi, da se zagotovi enotnejša uporaba oprostitve pred trgovanjem v državah članicah, s čimer se omejijo razlike pri izvajanju; ustrezen način za dosego tega bi lahko bili tehnični standardi.
Care also needs to be taken to ensure that there is a more uniform application of the pre-trade waivers across Member States to limit implementing differences; technical standards could be an appropriate way of achieving this.
Izvajanje zunajborznega trgovanja prek mrež srečevanja naročil borznoposredniških družb je obstajalo že pred direktivo MiFID, a so sedaj postale pretežno elektronske platforme za stranke.
Executing OTC trades through broker-dealer crossing networks existed pre-MiFID but have now predominantly become electronic platforms for clients.
Stičišča posrednikov za trgovanje so dragocen dodatek mestom trgovanja predvsem za naročila nakupa in bi jih bilo treba prepoznati kot kategorijo znotraj direktive MiFID ter jih regulativno nadzirati, da bi spremljali njihove dejavnosti.
BCNs are accepted as a valuable addition to the venues for buy-side orders in particular, and so should be recognised as a category within MiFID and be subject to regulatory oversight in order to monitor their activities.
Odbor evropskih regulativnih organov s področja vrednostnih papirjev (CESR) v tem trenutku pridobiva podatke, da bi pravilno ocenil obseg trgovanja „v temi“, in ugotovil, pri katerem obsegu trgovanja brez razkritja cene pred trgovanjem to dejansko prične vplivati na proces oblikovanja cene.
CESR is currently conducting a data capture exercise in order to correctly assess the volume of trades being conducted in the dark and whether there is a limit as to what volume of the market, trading without pre-trade price disclosure, actually begins to impact the process of price formation itself.
Trg ZDA za reguliranje različnih platform trgovanja je naprednejši od trga EU in preučiti moramo, ali se je mogoče od ZDA kaj naučiti o preglednosti po trgovanju na mestih prikritega trgovanja, zlasti zato, ker britanski organ za finančne storitve (Financial Services Authority) v tem trenutku ocenjuje, da se manj kot 1 % trgovanja z lastniškimi vrednostnimi papirji izvaja „v temi“ preko pogodb OTC, medtem ko se trgovanje na mestih prikritega trgovanja, v ZDA približuje 10 % obsega trgovanja.
The US market for regulating diverse trading platforms is more advanced than in the EU and we need to investigate whether lessons can be learnt from the US on post trade transparency for dark pools, especially as currently the UK FSA estimates less than 1% of equity trading is conducted in the dark by OTC contracts, whereas in the US, dark pools account for closer to 10% of trading volumes.
Od uvedbe direktive MiFID ponudniki tržne infrastrukture postajajo vedno bolj tehnološke platforme, ki so močno odvisne od sistemov informacijske tehnologije in tekmujejo, da bi zagotovili najučinkovitejši, najhitrejši in najprožnejši sistem trgovanja.
Since MiFID, market infrastructure providers have increasingly become technology platforms heavily dependent on IT systems, competing to provide the most efficient, rapid and resilient trading facilities.
Če odštejemo regulativne spremembe, sta vpliv novih tehnologij in prihod novih udeležencev na trgu povzročila hitrejše trgovanje, povečanje visokofrekvenčnega trgovanja in neposrednega dostopa za stranke članov platforme trgovanja na trg ter posledično hitrejše in bolj dinamične trge.
Regulatory changes aside, the impact of new technology and the advent of new market participants has led to faster trading speeds, the growth in HFT and an increase in direct market access by clients of trading platform members and therefore to faster and more dynamic markets.
Med razlogi za postopni upad povprečnega obsega trgovanja je dejstvo, da dajejo novi udeleženci na trgu prednost takojšnji izvedbi naročil, ne pa njihovi velikosti.
One of the reasons for the steady decline in the average trade size is that the new market participants place a premium on immediate execution of orders and not on displaying large orders.
Da bi trg dobro deloval, so potrebna podjetja, ki so pripravljena zagotoviti likvidnost in javno objaviti cene.
Any well functioning market requires firms willing to provide liquidity and make public prices.
Specialisti in vzdrževalci likvidnosti so to funkcijo od nekdaj prevzemali, tako da so določili obe ceni – za nakup in prodajo – in iz razmika med njima ustvarjali dobiček.
Traditionally, specialists and market makers have carried out this function by quoting 2 way prices and generating revenue from the spread.
Z evolucijo trga se je spremenil način zagotavljanja likvidnosti.
As the market has evolved, the way in which the provision of liquidity is implemented has changed.
Zlasti z vključevanjem tehnologije podjetja za algoritemsko trgovanje zdaj zagotavljajo likvidnost na trgih tako, da vlagajo dvosmerna naročila v elektronske knjige naročil in določijo javno ceno.
In particular, with the advent of technology, algorithmic trading firms are now providing liquidity in the markets by posting 2 sided orders onto electronic order books and making a public price.
Vzdrževalci likvidnosti običajno ne obdržijo naložb dalj časa, zato so se, da bi se ta funkcija izkoristila, razvile strategije visokofrekenčnega trgovanja.
Market makers typically do not hold investments for any length of time and therefore HFT strategies have evolved to capitalise on this function.
Primerno bi bilo izvesti nadaljnje raziskave o obveznostih in odgovornostih, ki bi bile potrebne za te neformalne vzdrževalce likvidnosti.
It would seem appropriate that further analysis be done on the obligations and responsibilities that may be required of these informal market makers.
Če že imajo koristi od cenovne strukture vzdrževalcev likvidnosti, bi morali imeti tudi obveznost, da na zahtevo zagotovijo tržno ceno.
If they are benefiting from a market maker pricing structure they should be obligated to provide a market price when required.
Visokofrekvenčno trgovanje ni samo po sebi strategija trgovanja, lahko pa se uporablja v vseh tistih strategijah trgovanja, ki jim je skupna visoka stopnja obrata naložb; mnoge lahko obdelajo do 33.000 naročil na sekundo, povratni čas trgovanja pa je manj kot mikrosekunda.
HFT is not a trading strategy in itself but can be applied to a variety of trading strategies which all have high portfolio turnover in common; many can process up to 33,000 trades per second, with sub microsecond roundtrip times for trading.
Vse morajo delovati zelo hitro, so zato občutljive za latentnost in potrebujejo visokozmogljivo posredovanje tržnih podatkov in strojno opremo za iskanje nasprotnega naročila in kotiranje.
They all have a requirement for speed and are therefore latency sensitive, requiring high capacity market data feeds and trade matching and quoting engines.
Običajno so dveh vrst: elektronsko vzdrževanje likvidnosti in statistična arbitraža.
They typically fall into two categories: electronic market making and statistical arbitrage.
Po ocenah je obseg trgovanja, ki ga izvajajo izvajalci visokofrekvenčnega trgovanja, večji od 35 % in narašča.
It is estimated that the volume of trading conducted by HFT traders is in excess of 35% and rising.
Za primerjavo: na trgih ZDA, kjer je izvajanje strategije visokofrekvenčnega trgovanja cenejše, je obseg tovrstnih transakcij 70 %.
This is compared to 70% of volume transacted in the US markets where it is less expensive to operate a HFT strategy.
Razumeti je, da stroški za kliring in poravnavo v EU preprečujejo nadaljnjo širitev, zato bi vsako zmanjšanje stroškov najverjetneje dodatno učinkovalo na dinamiko trga.
It is expected that the costs in the EU of clearing and settlement are a barrier to further expansion and so any reduction in costs is likely to have an additional effect on the market dynamics.
Ni na voljo veliko podatkov o vplivu teh strategij visokofrekvenčnega trgovanja na trg, zlasti pa o tem, ali bi skupni vpliv tehnologije lahko imel posledice za prožnost trga.
Little data is available for the impact these HFT strategies are having on the market and in particular as to whether the aggregate impact of technology could impact the resilience of the market itself.
Zdi se, da je visokofrekvenčno trgovanje povečalo likvidnost in zožilo razmik za vlagatelje; vendar bi bilo treba izvesti dodatne raziskave, da bi lahko ugotovili koristnost te likvidnosti, saj je razpoložljiv obseg pogosto omejen in je mogoče dvomiti o zanesljivosti informacij, zabeleženih v knjigah naročil.
It would seem that HFT has increased liquidity and has tightened the spreads for investors; however, further investigation needs to be carried out to ascertain whether the quality of this liquidity is useful as often there is little volume at the touch and questions arise over the validity of the depth shown on order books.
Izvesti je treba tudi analizo o tem, ali povečanje visokofrekvenčnega trgovanja negativno vpliva tudi na oblikovanje cen.
Analysis also needs to be carried out to determine whether price formation has also been impacted negatively by the increase in HFT.
Ugotavlja se, da mnogi od akterjev visokofrekvenčnega trgovanja delujejo kot zasebne družbe za trgovanje, zaradi česar niso pravno regulirane in jim ni treba delovati v skladu s pravili direktive MiFID.
An observation has been made that many of these HFT players are operating as proprietary trading houses and are as such unregulated entities and therefore do not need to comply with MiFID rules.
Ker obstaja politična volja, da bi bilo delovanje vseh pomembnih udeležencev na trgu ustrezno pravno urejeno, predlagamo, da se to načelo uporabi za te udeležence, nujno pa je treba nanje razširiti tudi pravila o poročanju iz direktive MiFID.
Given that there is a political mood for all significant market participants to be appropriately regulated, we suggest that this should apply to these firms, with the expansion of MiFID reporting rules to cover these entities being required as a matter of urgency.
Zlasti je potreben splošen pregled nad sistemi in obvladovanje tveganja teh podjetij, kar se je pokazalo v borznem zlomu 6. maja 2010 v ZDA.
In particular there needs to be oversight of the systems and risk management of these firms as demonstrated by the US ‘Flash Crash’ on May 6th.
Na platformah je treba izvesti testiranje izjemnih situacij, s čimer se zagotovi, da so se sposobne spoprijeti z „zbezljanim algoritmom”.
Stress testing of platforms should be carried out to ensure that they are capable of dealing with a ‘runaway algorithm’.
Treba je dati prednost zajemanju podatkov dejavnosti vseh udeležencev na trgu, da se zakonodajalcem omogoči obnovitev knjig naročil, če je to potrebno, da lahko spremljajo delovanje varnih in učinkovitih trgov.
Data capture of all market participants’ activity needs to be prioritised to enable regulators to reconstruct order books, when necessary, to monitor the functioning of safe and efficient markets.
Glede na obseg transakcij se zdi, da utegnejo pomeniti tveganje za sistem, ki ga je treba raziskati na vseevropski ravni.
Given the volume of transactions, it would seem that they may pose a systemic risk to the system which needs to be investigated pan-EU.
Uporaba kolokacije strežnikov postaja običajna, saj namestitev strežnikov za stranke v neposredno bližino strežnikov za trgovanje omogoča podjetju za trgovanje, da skrajša čas za prejem tržnih podatkov iz mesta trgovanja in za oddajo naročila na trgu, in tako zmanjša latentnost ter omogoči podjetju, da pogosteje posluje.
The use of co-location is becoming commonplace as placing client servers in close proximity with trading servers enables a trading firm to reduce the time taken to receive market data from the trading venue and to place orders into the market, thus reducing latency and enabling the firm to trade more frequently.
To je mogoče doseči tudi prek gostovanja „v bližini“ na strežniku tretje stranke.
This can also be achieved through third party proximity hosting.
Čeprav je možnost kolokacije draga, se ne zdi diskriminatorna, in čeprav je treba vse uporabnike obravnavati enako, kar zadeva oddaljenost od strežnikov in določanje cen, se zdi potrebno uvesti zahtevo o zagotavljanju informacij o tem, kako se določajo cene.
Although costly, the option to co-locate does not seem discriminatory at this time and although all users should be treated equally in terms of distance from servers and pricing, a requirement to provide information on how prices are set seems necessary.
„Sponzorirani“ dostop omogoča operaterjem, ki niso člani trga, da lahko vložijo svoja naročila v sistem prek borznoposedniške družbe ali splošnih klirinških članov („general clearing member“).
Sponsored access permits traders who are not market members to route their orders through a sponsors system such as a broker-dealer or general clearing member (GCM).
Platforme EU, ki v tem trenutku omogočajo sponzoriran dostop, torej Chi-X, BATS Europe, LSE in NYSE Euronext, so pod nadzorom pristojnega zakonodajalca uvedle zahteve za filtre in nadzor, ki ga uporabijo člani, preden se prenesejo naročila.
EU platforms who currently allow sponsored access namely Chi-X, BATS Europe, LSE and NYSE Euronext, have, under the supervision of their regulator, introduced requirements for filters and controls that the member applies before the orders are transmitted.
Nefiltriran (gol) „sponzoriran“ dostop omogoča stranki posrednika, da se poveže neposredno s platformo brez kakšnega koli nadzora, ta praksa pa pomeni nesprejemljivo tveganje za člana trga in njegovo denarno poravnavo ter pravilno delovanje trga, zato bi moral biti v EU prepovedan.
However, unfiltered (naked) sponsored access permits an intermediary’s client to connect directly to the platform without any other form of supervision, this practice poses unacceptable risks to the market member and its clearing facility and to the orderly function of the market and should remain prohibited in the EU.
Predlaga se, da je treba uvesti ustrezen nadzor tveganja pred trgovanjem in nadzorni sistem po trgovanju za sponzoriran dostop do platform, zlasti za tiste, ki uporabljajo „klirinško družbo“ v kateri sponzorirane stranke lahko delujejo na trgih z uporabo občutnega vzvoda, kar utegne povzročiti sistemsko tveganje zaradi potencialno velikega obsega pozicij tekom dneva v različnih strategijah.
It is suggested that proper pre-trade risk controls and post-trade monitoring systems must be established for sponsored access to platforms, especially for those using a ‘clearing firm’ where sponsored clients can operate in the markets using significant leverage, potentially causing a systemic risk to the system given the potentially large intraday positions across the many strategies.
Za zaključek: zdi se, da je ena od pomembnejših posledic konkurence, ki je nastala zaradi izvajanja direktive MiFID, razdrobljenost trga, ki je sama spodbudila eksplozivno rast strategij visokofrekvenčnega trgovanja.
In conclusion, it seems that a significant consequence of the competition brought about by the implementation of MiFID has been market fragmentation which has in itself encouraged the explosive growth of HFT strategies.
Zakonodajalec mora priznati, da je treba tehnološki napredek ustrezno zakonsko urediti, da ne bi padel v zakonodajne vrzeli in nenamerno povzročil sistemskih tveganj za splošno delovanje trgov.
Regulation needs to recognise that these technological advances are in need of suitable provisions in the legislation in order that they do not fall through regulatory gaps and inadvertently cause systemic risk to the overall functioning of the markets.
Burkhard Balz, Godfrey Bloom, Sharon Bowles, Pascal Canfin, Nikolaos Huntis (Nikolaos Chountis), George Sabin Cutaş, Leonardo Domenici, Derk Jan Eppink, Markus Ferber, José Manuel García-Margallo y Marfil, Jean-Paul Gauzès, Sven Giegold, Sylvie Goulard, Gunnar Hökmark, Othmar Karas, Jürgen Klute, Rodi Kratsa-Tsagaropoulou, Philippe Lamberts, Werner Langen, Astrid Lulling, Hans-Peter Martin, Arlene McCarthy, Sławomir Witold Nitras, Ivari Padar, Anni Podimata, Antolín Sánchez Presedo, Olle Schmidt, Edward Scicluna, Peter Skinner, Theodor Dumitru Stolojan, Ivo Strejček, Kay Swinburne, Marianne Thyssen, Ramon Tremosa i Balcells, Corien Wortmann-Kool
Burkhard Balz, Godfrey Bloom, Sharon Bowles, Pascal Canfin, Nikolaos Chountis, George Sabin Cutaş, Leonardo Domenici, Derk Jan Eppink, Markus Ferber, José Manuel García-Margallo y Marfil, Jean-Paul Gauzès, Sven Giegold, Sylvie Goulard, Gunnar Hökmark, Othmar Karas, Jürgen Klute, Rodi Kratsa-Tsagaropoulou, Philippe Lamberts, Werner Langen, Astrid Lulling, Hans-Peter Martin, Arlene McCarthy, Sławomir Witold Nitras, Ivari Padar, Anni Podimata, Antolín Sánchez Presedo, Olle Schmidt, Edward Scicluna, Peter Skinner, Theodor Dumitru Stolojan, Ivo Strejček, Kay Swinburne, Marianne Thyssen, Ramon Tremosa i Balcells, Corien Wortmann-Kool
o predlogu spremembe proračuna Evropske unije št. 8/2010 za proračunsko leto 2010, oddelek III – Komisija
on Council's position on Draft amending budget No 8/2010 of the European Union for the financial year 2010, Section III – Commission
– ob upoštevanju Pogodbe o delovanju Evropske unije, zlasti člena 314 te pogodbe, v povezavi s Pogodbo o ustanovitvi Evropske skupnosti za atomsko energijo, zlasti člena 106a te pogodbe,
– having regard to the Treaty on the Functioning of the European Union and in particular Article 314 thereof and to the Treaty establishing the European Atomic Energy Community in particular Article 106a thereof,
1 , zlasti členov 37 in 38,
1. , and particularly Articles 37 and 38 thereof,
UL L 64, 12.3.2010 ,
OJ L 64, 12.3.2010. ,
– ob upoštevanju predloga spremembe proračuna Evropske unije št. 8/2010 za proračunsko leto 2010, ki ga je Komisija predložila 24. septembra 2010 ( KOM(2010)0533 ),
– having regard to Draft amending budget No 8/2010 of the European Union for the financial year 2010, which the Commission presented on 24 September 2010 ( COM(2010)0533 ),
– ob upoštevanju stališča Sveta o predlogu spremembe proračuna št. 8/2010, ki ga je Svet oblikoval leta 2010 (0000/2010 – C7-0000/2010),
– having regard to Council's position on Draft amending budget No 8/2010, which the Council established on 2010 (0000/2010 – C7-0000/2010),
– ob upoštevanju poročila Odbora za proračun ( A7-0327/2010 ),
– having regard to the report of the Committee on Budgets ( A7‑0327/2010 ),
A. ker predlog spremembe proračuna št. 8/2010 za splošni proračun za leto 2010 zajema naslednje elemente:
A. whereas Draft amending budget No 8/2010 to the general budget 2010 covers the following items:
– uporabo Solidarnostnega sklada EU v znesku 13.022.500 EUR v obveznostih in plačilih za škodo, ki so jo povzročile poplave na Irskem,
– mobilisation of the EU Solidarity Fund for an amount of EUR 13 022 500 in commitment and payment appropriations relating to the effects of flooding in Ireland,
– ustrezno zmanjšanje plačil za 13.022.500 EUR v vrstici 04 02 01 – Dovršitev Evropskega socialnega sklada (ESS) – Cilj 1 (2000–2006),
– a corresponding reduction in payment appropriations of EUR 13 022 500 from line 04 02 01 - Completion of European Social Fund (ESF) Objective 1 (2000-2006),
B. ker je namen predloga spremembe proračuna št. 8/2010, da se prilagoditev proračuna uradno vključi v proračun za leto 2010,
B. whereas the purpose of Draft amending budget No 8/2010 is to formally enter this budgetary adjustment into the 2010 budget,
2. odobri nespremenjeno stališče Sveta o predlogu spremembe proračuna št. 8/2010 in naroči svojemu predsedniku, naj razglasi, da je bila sprememba proračuna št. x/2010 dokončno sprejeta, ter poskrbi za njeno objavo v Uradnem listu Evropske unije ;
Approves the Council's position on Draft amending budget No 8/2010 unamended and instructs its President to declare that Amending budget No x/2010 has been definitively adopted and to arrange for its publication in the Official Journal of the European Union ;
V skladu s členom 37 finančne uredbe lahko Komisija predloži predlog spremembe proračuna, „če obstajajo neodložljive, izjemne ali nepredvidene okoliščine“.
According to Article 37(1) of the Financial Regulation, the Commission may present draft amending budgets if there are "unavoidable, exceptional or unforeseen circumstances".
Glede posameznih točk predloga spremembe proračuna št. 8/2010 ima poročevalec naslednje pripombe:
Concerning the different points of Draft amending budget No 8/2010, your rapporteur has the following comments:
Evropska komisija je 24. septembra 2010 predložila predlog sklepa Evropskega parlamenta in Sveta o uporabi solidarnostnega sklada, ki temelji na določbah točke 26 medinstitucionalnega sporazuma z dne 17. maja 2006.
The European Commission proposed on 24 September 2010 a Decision of the European Parliament and of the Council on the mobilisation of the Solidarity Fund, which is based on the provisions of point 26 of the Interinstitutional Agreement of 17 May 2006.
Pogoji za upravičenost do uporabe sredstev sklada so podrobno navedeni v omenjeni točki, pa tudi v uredbi Sveta št. 2012/2002
The conditions of the eligibility to the Fund are detailed here and as well as in Council Regulation n° 2012/2002
Uredba Sveta (ES) št. 2012/2002 z dne 11. novembra 2002 o ustanovitvi Solidarnostnega sklada Evropske unije (UL L 311, 14.11.2002, str.
Council Regulation (EC) No. 2012/2002 of 11 November 2002 establishing the European Union Solidarity Fund OJ L 311, 14.11.2002, p.
3–8) o ustanovitvi solidarnostnega sklada.
3-8. establishing the EUSF.
Treba je opozoriti, da sklad ni namenjen poplačilu zasebne škode, temveč popravilu infrastrukture in refinanciranju.
It is important to note that the objective of the Fund is not the compensation for private damage but to repair infrastructure and it is a tool of refinancing.
Prav tako je treba omeniti, da je to prvi predlog za uporabo solidarnostnega sklada v proračunskem letu 2010.
It is to note that during the 2010 Budget year this proposal is the first proposal to mobilise the Solidarity Fund.
Medinstitucionalni sporazum omogoča uporabo solidarnostnega sklada do letne zgornje meje 1 milijarde EUR.
The IIA allows the mobilisation of the Solidarity Fund within the annual ceiling of EUR 1 billion.
Irske oblasti ocenjujejo, da skupna neposredna škoda, nastala zaradi naravne nesreče, znaša 520,9 milijona EUR.
The Irish authorities estimate the total direct damage caused by the disaster at EUR 520,9 million.
Ta znesek pomeni približno 55,68 % običajnega praga za uporabo sredstev solidarnostnega sklada, ki velja za Irsko v letu 2010 in znaša 935,45 milijona EUR (0,6 % BND po podatkih iz leta 2008).
This amount represents 55,68 % of the normal threshold for mobilising the Solidarity Fund applicable to Ireland in 2010 of EUR 935,45 million (i.e. 0,6 % of GNI based on 2008 data).
Sklep o uporabi sredstev sklada je predmet vzporednega osnutka poročila, ki priporoča odobritev sklepa.
The mobilisation decision is subject of a parallel draft report which recommends to approve the decision.
Ta predlog spremembe proračuna sledi osnovnemu sklepu v skladu s točko 26 medinstitucionalnega sporazuma z dne 17. maja 2006.
This draft amending budget follows the basic decision according point 26 of the Interinstitutional Agreement of 17 May 2006.
Komisija v okviru zgornje meje 1 milijarde EUR predlaga uporabo 13.022.500 EUR v obveznostih in plačilih za posledice poplav na Irskem.
The Commission proposes to mobilise EUR 13 022 500 out of the ceiling of EUR 1 000 million in commitment and payment appropriations relating to the effects of a flooding in Ireland.
Ustrezna sredstva za plačila naj bi prerazporedili iz poglavja 04 02 01 – Dovršitev Evropskega socialnega sklada (ESS) – Cilj 1 (2000–2006).
It is proposed to redeploy the corresponding payment appropriations from the chapter 04 02 01 - Completion of ESF - objective 1 (2000-2006).