natgillin/translations-raw huggingface dataset:
I. ker je imela razdrobljenost trga za trgovanje z vrednostnimi papirji nezaželene posledice za likvidnost in tržno učinkovitost zaradi manjše preglednosti, ki je nastala zaradi porasti mest prikritega trgovanja in stičišč za trgovanje, ter ker so posledice povečanega števila mest trgovanja tako na borzi kot izven nje in trgovanje, ki vedno bolj temelji na tehnologiji, zmanjšale povprečni obseg transakcij z 22.266 EUR v letu 2006 na 9.923 EUR v letu 2009, zaradi česar so se povečali skupni stroški transakcij za nekatere uporabnike,
I. whereas market fragmentation in equities trading has had an undesired impact upon liquidity and market efficiency owing to a decrease in transparency based on an increase in dark pools and crossing networks, the effect of an increased number of venues both in the on-exchange and off-exchange space, and increasingly technology-driven trading, and has decreased average transaction size from EUR 22 266 in 2006 to EUR 9 923 in 2009, increasing the total cost of transactions for some users,
J. ker je zmanjšanje obsega transakcij povzročilo zmanjšanje sposobnosti udeležencev na trgu, da nemudoma izvedejo velika naročila na določenem trgu, in je želja, da bi za večja naročila preprečili vpliv na trg, spodbudila širjenje trgovanja v sistemih prikritega trgovanja (dark-pool trading); ker se pri manj kot 10 % vsega trgovanja z lastniškimi vrednostnimi papirji v EGP na organiziranih trgih uporablja oprostitev zahteve glede preglednosti pred trgovanjem iz direktive o trgih finančnih instrumentov (CESR/10-394) in ker to odstopanje v direktivi o trgih finančnih instrumentov omogoča mesta prikritega trgovanja na organiziranem trgu kot preglednejšo in bolje regulirano alternativo prikritemu trgovanju izven borze; ker pa pomanjkanje reguliranja zunajborznih transakcij, tudi na zasebnih mestih trgovanja, omogoča konkurenčno prednost zunajborznemu trgovanju in spodbuja povečanje trgovanja v temi ter spodkopava preglednost trga na splošno; ker skupaj približno polovica trgovanja trenutno ni zajetega v zahteve po preglednosti pred trgovanjem, polovica zunajborznih transakcij pa je pod tržno velikostjo in ne potrebuje zaščite pred vplivom na trg,
J. whereas the decrease in transaction size has led to a reduction in the capacity of market participants to instantly execute large orders on a particular market and the desire to prevent market impact for large orders has encouraged the expansion of dark-pool trading; whereas less than 10% of all trading in EEA equities shares on organised markets use the MiFID pre-trade transparency waivers (CESR/10-394), whereas these MiFID waivers allows for dark-pool trading as a more transparent and better regulated alternative to dark trading in the OTC space but whereas the absence of sufficient regulation for OTC transactions, including Broker Crossing Networks, provides a competitive advantage to the OTC space and encourages an increase in trading in the dark, undermining market transparency in general; whereas in total around half of trades are currently not covered by pre-trade transparency requirements, but half of OTC transactions are below market size and therefore do not require protection against market impact,
K. ker bi morali za zagotovitev enakih konkurenčnih pogojev za zasebna mesta trgovanja izvajati poglobljeno preiskavo njihovih poslovnih modelov, s čimer bi zagotovili, da so takrat, ko opravljajo storitve, (kar pomeni da v bistvu delujejo kot regulirani trgi, večstranski sistemi trgovanja ali sistematični internalizatorji) tudi regulirani kot taki,
K. whereas, to ensure a level playing field, broker crossing networks (BCNs) should be subject to an in-depth investigation of their business models, to ensure that where they provide services which mean they are essentially functioning as regulated markets (RMs), multilateral trading facilities (MTFs) or as Systematic Internalisers they are regulated as such,
L. ker koristi konkurence v smislu konkurenčnejše in inovativnejše trgovinske infrastrukture niso bile dokazane, saj se celotni stroški transakcij niso zmanjšali, nepreglednost se je povečala, obenem pa je jasno, da kakovost ter celovitost za vse udeležence na bolj razdrobljenem trgu nista primerno zagotovljeni,
L. whereas the benefits of competition in terms of more competitive and innovative trading infrastructure has not been proved, as the total transaction costs have not been reduced, and opacity has increased, while at the same time it is clear that quality and integrity for all participants in a more fragmented market are not properly guaranteed,
M. ker naj bi visokofrekvenčno trgovanje zagotavljalo likvidnost finančnim trgom, bi bilo koristno ugotoviti, ali obstaja tveganje, povezano s sistemom elektronskih naročil in znatnim deležem obsega trgovanja, ki ga je mogoče pripisati strategijam visokofrekvenčnega trgovanja, ki se v ZDA ocenjuje na 70 %, zlasti glede na sklepe Ameriške komisije za trg vrednostnih papirjev v zvezi z borznim zlomom 6. maja 2010, ko so ponudniki likvidnosti visokofrekvenčnega trgovanja zapustili trg,
M. whereas given that HFT claims to provide liquidity to financial markets it would be useful to determine whether there are risks associated with electronic order systems and the significant share of trading volumes attributable to HFT strategies, estimated at 70 % in the US, particularly in view of the conclusions of the Securities and Exchange Commission concerning the US ‘flash crash’ on 6 May 2010 when HFT liquidity providers exited the market,
N. ker so strategije visokofrekvenčnega trgovanja relativno nov pojav v Evropi in se ocenjuje, da po obsegu zavzemajo 35 % trga,
N. whereas HFT strategies are a relatively new phenomenon in Europe and are now estimated to make up 35% of the market by volume,
O. ker bi bilo treba doseči večjo preglednost prek poročanja o trgovinski dejavnosti pred trgovanjem in po njem pri vseh vrstah sredstev, zato da bi zagotovili boljše zgodnje obveščanje o nastajanju in obsegu naraščajočih težav, spodbudili učinkovito oblikovanje cen ter zaupanje med akterji na trgu,
O. whereas greater transparency via pre- and post-trade reporting of trading activity across all asset classes should be established in order to provide improved early warning of the build-up and scale of developing problems, as well as to improve the efficiency of the price formation process and foster trust between market actors,
P. ker je v sklepih skupine G20 z dne 24. in 25. septembra 2009 v Pittsburghu navedeno, da bi bilo treba z vsemi standardiziranimi zunajborznimi izvedenimi finančnimi instrumenti trgovati na borzah ali platformah za elektronsko trgovanje,
P. whereas the G20 decisions of 24 and 25 September 2009 in Pittsburgh stated that ‘all standardised OTC derivative contracts should be traded on exchanges or electronic trading platforms’,
Q. ker razlikovanje pri izvajanju med državami članicami povzroča nepopolno uporabo direktive o trgih finančnih instrumentov,
Q. whereas divergence of implementation between Member States has led to an incomplete application of the MiFID framework,
1. priznava, da so bile tržne infrastrukture med krizo odporne ter poziva Komisijo, naj vseeno okrepi te infrastrukture na vseh mestih trgovanja in v klirinških sistemih, da jim bo omogočila obvladovanje prihodnjega tveganja z večjo preglednostjo, izboljšanjem prožnosti in rednimi pregledi vsega trgovanja;
Recognises that market infrastructures have been resilient throughout the crisis and calls upon the Commission to nonetheless strengthen market infrastructures across all trading venues and clearing systems to enable them to cope with future risk through enhanced transparency, improved resilience and regulatory oversight of all aggregated trades;
4. poziva, naj Evropski organ za vrednostne papirje preišče delovanje in namen režima sistematičnih internalizatorjev in predstavi izboljšave načina reguliranja te kategorije, da bi se zagotovila uporaba tega režima za izvajanje naročil na dvostranski podlagi;
Asks for ESMA to conduct an investigation into the functioning and purpose of the Systematic Internaliser (SI) regime and the bringing forward of improvements to the way in which this category is regulated in order to ensure that this regime is used for execution of orders on a bilateral basis with the financial counterparty;
a) opis sistema, lastništvo in stranke,
a) a description of the system, ownership and clients,
b) podrobnosti o dostopu do sistema,
b) details on access to the system,
c) povezana naročila v sistemu,
c) orders matched in the system,
d) metodologije trgovanja in diskrecija borznih posrednikov,
d) trading methodologies and broker discretion,
e) ureditev za sporočanje takoj po trgovanju;
e) arrangements for immediate post-trade reporting;
9. poziva, naj Komisija preuči učinke določitve minimalnega obsega naročila za prikrite transakcije in ali ga je mogoče strogo izvajati, da se ohrani ustrezen pretok trgovanja prek „preglednih” mest trgovanja (lit venues) v interesu ugotavljanja cen;
Asks for an investigation by the Commission into the effects of setting a minimum order size for all dark transactions, and whether it could be rigorously enforced so as to maintain adequate flow of trade through the lit venues in the interests of price discovery ;
Oprostitev obveznosti preglednosti pred trgovanjem
Pre-Trade Transparency Waivers
(a) se pretehta, ali bi bilo treba uvesti primeren minimalni prag za oprostitev v zvezi z referenčno ceno, da se spodbudi uporaba „preglednih“ mest trgovanja;
(a) consider whether a suitable minimum threshold should be introduced for the Reference Price waiver to encourage the use of lit venues,
(b) se pretehta razširitev uporabe oprostitve v zvezi z referenčno ceno, da bo vključevala trgovanje, ki sodi v sedanji razmik (spread) na referenčnem trgu;
(b) consider broadening the Reference Price waiver to include trades that fall within the current spread in the reference market
(c) se uvede največji obseg transakcij, za katerega se lahko uporabi oprostitev obveznosti preglednosti pred trgovanjem, da se zagotovi učinkovito ugotavljanje cen,
(c) introduce a maximum volume of transactions that could use pre-trade transparency waivers in order to guarantee efficient price discovery,
(d) se Evropskemu organu za vrednostne papirje in trge omogoči prilagajanje in omejevanje obveznosti pred trgovanjem po potrebi, upoštevaje vpliv skritega trgovanja na učinkovitost trgov;
(d) give ESMA the possibility of adapting and restricting pre-trade waivers as necessary, taking into account the impact of dark trading on the efficiency of markets;
13. poziva Komisijo, naj ustanovi delovno skupino, da se premagajo težave, ki preprečujejo konsolidacijo podatkov o trgih v Evropi, zlasti pa slaba kakovost podatkov o zunajborznih transakcijah;
Calls on the Commission to establish a working group to overcome the difficulties preventing the consolidation of market data in Europe and particularly the poor quality of reporting data across all transactions;
16. poziva k zmanjšanju časovne omejitve za odloženo objavo, da bodo zakonodajalci prejeli podatke o transakcijah v štiriindvajsetih urah po njihovi izvedbi; meni, da je treba, kar zadeva objavo transakcij, v običajnih razmerah šteti več kot enominutne zamude za nesprejemljive;
Calls for a reduction in the time limit for deferred publication so transactions are reported to the regulators within twenty-four hours of taking place; takes the view, with regard to publication of transactions, that in ordinary circumstances delays of more than one minute should be considered unacceptable ;
Mikrostrukturna vprašanja
Micro-structural issues
19. poziva Evropski organ za vrednostne papirje in trge, naj preuči stroške in koristi algoritemskega in visokofrekvenčnega trgovanja za trge ter njegovega vpliva na druge uporabnike trga, zlasti institucionalne vlagatelje, da bi določili, ali znaten pretok na trgu, ki se ustvarja samodejno, zagotavlja dejansko likvidnost trga in kakšne posledice ima za skupno ugotavljanje cen, za morebitne zlorabe z manipuliranjem trga, ki povzročijo neenake konkurenčne pogoje za udeležence na trgu, in njegov vpliv na celotno stabilnost trga;
Calls on ESMA to conduct an examination of the costs and benefits of algorithmic and high-frequency trading (HFT) on markets and its impact upon other market users, particularly institutional investors, to determine whether the significant market flow generated automatically is providing real liquidity to the market and what effect this has on overall price discovery, as well as the potential for abuses by manipulation of the market leading to an uneven playing field between market participants, and its impact on overall market stability;
(a) izrecno prepoved nefiltriranega „sponzoriranega“ dostopa do podjetij, ne glede na to, ali spadajo v isto skupino podjetij kot „sponzor“,
(a) expressly prohibiting unfiltered sponsored access to companies, regardless of whether they belong to the same corporate group as the sponsor ,
b) zahtevo, da borznoposredniške in investicijske družbe uvedejo, dokumentirajo in ohranjajo sistem nadzora nad obvladovanjem tveganja pred trgovanjem in po njem, ter nadzorne postopke za upravljanje finančnega, regulativnega in drugih tveganj, povezanih z njihovim dostopom do trga;
b) requiring broker-dealers and investment firms to establish, document and maintain a system of risk-management controls, pre- and post-trade, and supervisory procedures to manage the financial, regulatory and other risks related to its market access;
26. poziva Komisijo, naj sprejme načela, ki jih razvija tehnični odbor IOSCO o neposrednem elektronskem dostopu, vključno s „sponzoriranim“ dostopom, ki bodo obsegala merila za izbiranje strank, ki jim je lahko dodeljen tak dostop, in pogodbeni odnos med platformo, članom in stranko, ter določala odgovornosti vsakega izmed njih glede njihove uporabe s primernim nadzorom in filtri;
Calls on the Commission to adopt the principles being developed by the Technical Committee of IOSCO on direct electronic access, including sponsored access, which will cover the criteria for selecting clients who can be given sponsored access and the contractual relationship between the platform, the member and the client and will outline their respective responsibilities regarding their use with suitable controls and filters;
35. ob upoštevanju težav, ki so se pojavljale v zvezi s kakovostjo podatkov in konsolidacijo podatkov po trgovanju z evropskimi vrednostnimi papirji, meni, da bi morala Komisija zagotoviti, da se podatki po trgovanju z nelastniškimi vrednostnimi papirji zagotovijo v že konsolidirani obliki;
Takes the view, taking into account the issues that have been experienced in relation to data quality and consolidation of post-trade data for European equities, that the Commission should ensure that post-trade data for non-equity products are provided in a form which is readily consolidated;
38. poziva k pregledu standardov IOSCO za klirinške družbe, sisteme poravnave vrednostnih papirjev in sistemsko pomembne plačilne sisteme, da bi dodatno izboljšali preglednost trga;
Requests a review of the IOSCO standards for clearing houses, securities settlement systems and systemically important payment systems with a view to improve further market transparency;
Evropski finančni trgi prestajajo obdobje sprememb, kakršnih še ni bilo, zaradi spremenjenega zakonodajnega okolja, izvajanja direktive o trgih finančnih instrumentov (MiFID) in tehnološkega napredka.
The European capital markets have undergone a period of unprecedented change, both due to a changed regulatory environment, post MiFID implementation, and due to the technological advancements over the same period.
Uvedba direktive MiFID je sovpadla tudi z obdobjem nestanovitnosti zaradi zunanjih dejavnikov, ki so posledica finančne krize.
The introduction of MiFID has also overlapped with a period of externally imposed volatility due to the financial crisis.
Zato količinski podatki sami po sebi ne odražajo zakonodajnega vpliva, četudi so bili na voljo zanesljivi tržni podatki na vseh mestih trgovanja.
As a result, even if reliable market data were available across all trading venues, the quantitative data does not solely reflect the regulatory impact.
V zadnjih petih letih se je monopolni položaj glavnih borz spremenil.
In the last five years, the monopoly position of primary exchanges has been transformed.
Manj kot 60 % obsega trgovanja z vrednostnimi papirji britanskega borznega indeksa FTSE 100 se odvija na londonski borzi, 30% trgovanja indeksa CAC 40 pa sedaj poteka zunaj pariške borze Euronext in 25 % trgovanja indeksa DAX30 zunaj frankfurtske Deutsche Börse.
Less than 60% of trading volume in the UK FTSE 100 takes place on the LSE, whereas 30% of the CAC40 now takes place outside Euronext in Paris and 25% of the DAX30 trading takes place outside the Deutsche Bourse in Frankfurt.
Zdi se, da se vsi akterji strinjajo, da je ukinitev enotnega sedeža za trgovanje z lastniškimi vrednostnimi papirji zagotovila večjo konkurenco med platformami trgovanja.
It seems that across all players there is recognition that the abolition of the single primary venue for equities trading has secured greater competition between trading platforms.
Ta glavni cilj direktive MiFID, to je spodbujanje konkurence med mesti trgovanja za izvedbene storitve, je povečal izbiro, ki je na voljo vlagateljem, znižal stroške transakcij in pripomogel k povečanju učinkovitosti procesa oblikovanja cen.
This key objective of MiFID, to promote competition between trading venues for execution services, has led to increased investor choice, lowered transaction costs and has helped increase the efficiency of the price formation process.
V EU sedaj deluje 136 večstranskih sistemov trgovanja, ki poleg glavnih borz sestavljajo organizirana mesta trgovanja.
There are now 136 MTFs operating in the EU, as well as the primary exchanges which collectively make up the organised trading venues.
Na teh organiziranih mestih se izvede kakih 60 % obsega trgovanja, preostanek pa izvedejo borznoposredniške družbe, kar označujemo s skupnim izrazom trgovanje izven organiziranega trga vrednostnih papirjev (zunajborzno trgovanje).
These organised venues account for some 60% of the trading volume with the remainder being carried out by broker-dealers, collectively termed OTC.
Dvostranska trgovina, kjer stranka da borznemu posredniku naročilo in ta poišče nasprotno naročilo („match“) se je premaknila od pretežno ustnih naročil k elektronskim.
Bilateral trades, where the client gives the broker an order and he finds a match, have migrated from mainly verbal orders to predominantly electronic orders.
Čeprav za zunajborzno trgovanje zaradi njegove narave ni preglednosti pred trgovanjem, je treba po direktivi MiFID o njem vseeno poročati.
Although by definition there is no pre-trade transparency for OTC trades they are still required under MiFID rules to be reported.
Razdrobljenost trga pa je povzročila slabo preglednost (zlasti kakovosti) podatkov po trgovanju zaradi širitve trgovanja prek različnih mest.
Market fragmentation has however led to poor post-trade transparency as a result of spreading trading over various venues and in particular on the quality of the post-trade data.
Treba je oblikovati učinkovitejši regulativni okvir za konsolidirane informacije po trgovanju, ki bo zaobjel nove tehnične kodekse v postopku poravnave, da bodo bolje odražali okolje, v katerem lahko trgovci poslujejo na več mestih trgovanja.
A more effective regulatory framework for consolidated post-trade information is required which encompasses new technical codes in the settlement process to better reflect an environment where traders can execute on multiple venues.
Zakonodajalci morajo zagotoviti, da lahko v vsakem trenutku obnovijo knjigo naročil, da bi razumeli dinamiko trga in delovanje udeležencev na njem.
Regulators need to ensure that they can, at any time, recreate the order book in order to understand the market dynamics and participants involvement.
Stroški za podatke so v ZDA bistveno nižji kot v EU, saj se lahko spustijo celo na 50 USD na mesec za vse platforme, medtem ko v EU dosežejo 500 USD.
Data costs in the US are significantly lower than in the EU and can be as low as $50 dollars per month for all platforms while running to $500 in the EU.
Glavni razlog za to je, da mesta za trgovanje združujejo podatke pred trgovanjem in po njem, zato je treba te vire podatkov razčleniti in tako znatno znižati stroške.
This is primarily due to the bundling of pre and post trade data by the trading venues, hence the need to unbundle these data sources and thereby lower costs significantly.
Nedosledna kakovost podatkov o trgovanju in pomanjkanje skupnih obrazcev za sporočanje podatkov povzročajo še večje zaplete, ki jih je mogoče rešiti le z oblikovanjem skupnih standardov in obrazcev za sporočanje podatkov po trgovanju.
Inconsistent trade data quality and lack of common data reporting formats have further compounded the problems and can be resolved by drawing up common reporting standards and formats for the reporting of post trade data.
Direktiva MiFID je določila tudi dovoljeno zamudo pri sporočanju po trgovanju in glede na rastočo uporabo tehnologije se zdi za namene oblikovanja cen primerno, da se ta omejitev zmanjša tako, da sporočanje o nobeni transakciji ne bo daljše od 24 ur od njene izvršitve, pri večini elektronskih transakcij pa štejejo več kot enominutne zamude za nesprejemljive.
MiFID also detailed a permissible delay in post-trade reporting and, given the increased use of technology, it seems appropriate for price formation purposes that this limit be reduced so no transaction can be reported later than 24 hours after it took place and, with regards to most electronic transactions, delays of more than 1 minute should be considered unacceptable.
Od uvedbe direktive MiFID se je poleg krize dogodilo mnogo drugih sprememb na trgu, na primer prihod nove tehnologije in nova vsesplošna uporaba elektronskega algoritemskega borznega trgovanja, tudi visokofrekvenčnega trgovanja.
As well as the crisis, many other changes to the market place have also occurred since the introduction of MiFID, such as the advent of new technology and the now widespread use of electronic algorithmic trading, including HFT.
V tem novem tehnološkem obdobju in ob priznanju večje potrebe po preglednosti je zanimivo ugotoviti, da se obseg zunajborznega trgovanja ni zmanjšal v smislu deleža skupnega obsega trgovanja, odkar se je povečalo število mest trgovanja.
In this new technological era and in recognition of the increased requirement for transparency, it is interesting to note that the volume of trades conducted OTC has not diminished as a percentage of overall trading volume since the increased number of venues has appeared.
Vendar se je trg prilagodil uporabi sistema, ki omogoča mesta prikritega trgovanja (angl. dark pools) za trgovanje z velikimi naročili (stičišča posrednikov za trgovanje, angl. broker crossing networks) in izjemam iz direktive MiFID za tovrstne dejavnosti, ko se izvajajo na organiziranih mestih trgovanja (prikrite transakcije).
However, the market has adjusted to the use of dark pools for trading large orders (BCNs) and the use of MiFID exemptions for such actions when they are conducted through organised trading venues (dark transactions).
Pri približno 10 % vsega trgovanja z lastniškimi vrednostnimi papirji na organiziranih trgih v EGP se poslužuje oprostitve obveznosti preglednosti pred trgovanjem iz direktive MiFID in ga lahko štejemo za trgovanje „v temi”.
Approximately 10% of all trading in EEA equities shares on organised markets use the MiFID pre-trade transparency waivers and can be considered to be trading ‘in the dark’.
Treba pa je poiskati ravnovesje med potrebo po preglednosti pred trgovanjem za pomoč pri oblikovanju cen, in utemeljenim situacijam, ko je bila oprostitev odobrena, da bi se zmanjšala neprimerna tržna nihanja ter bi se pomagalo delovanju trga.
A balance however must be struck between the need for pre trade transparency to aid price formation and the justified situations where waivers have been granted to prevent undue market movement and aid the functioning of the market.