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### Viewing cable 03FRANKFURT7111, Investment Services Directive Moving Toward

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Reference ID | Created | Released | Classification | Origin
--- | --- | --- | --- | ---
03FRANKFURT7111 | 2003-08-29 05:30 | 2011-08-24 01:00 | UNCLASSIFIED//FOR OFFICIAL USE ONLY | Consulate Frankfurt

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    This record is a partial extract of the original cable. The full text of the original cable is not available.

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    UNCLAS SECTION 01 OF 04 FRANKFURT 007111

    SIPDIS

    SENSITIVE

    STATE FOR EUR PDAS RIES, EB BAY, EUR/AGS, AND EUR/ERA
    STATE PASS FEDERAL RESERVE BOARD
    STATE PASS NSC FOR CLOUD
    TREASURY FOR DAS SOBEL
    TREASURY ALSO FOR IMI HARLOW, AUSTIN
    PARIS ALSO FOR OECD
    TREASURY FOR OCC RUTLEDGE, MCMAHON

    E.O. 12958: N/A
    TAGS: ECON EFIN EUN
    SUBJECT: Investment Services Directive Moving Toward
    Compromise

    T-IA-F-03-0043

    This cable is sensitive but unclassified.  Not/not for
    Internet distribution.

    Ref: (A) 02 Frankfurt  11356 ; (B) Frankfurt 2629; (C) USEU
    2629

      ¶1.   (SBU) Summary:  Negotiations on the controversial pre-
         trade transparency provisions of the proposed revision to
         the Investment Services Directive appear to be moving toward
         a compromise. Compromise amendments circulated in the
         European Parliament and texts being discussed in the Council
         Working Group point in a similar direction: to maintain pre-
         trade transparency, but make the provisions more workable
         for investment firms.  Investment bankers, recognizing they
         have lost the battle for deleting any pre-trade transparency
         requirements, hope and pray the compromise texts will be
         accepted.  Nothing is certain.

      ¶2.   (SBU) The fact that the Italians and the Dutch, both
         reportedly having favored a strong pre-trade transparency
         text, now have drafted compromise language gives reason for
         optimism that the directive can be finalized in the next few
         months.  Their new position doesn't necessarily represent a
         change of heart, but rather a change of point of view.  The
         Italians now have the EU Presidency, meaning they now have
         the lead on ISD drafting and have pledged to get it done.
         The Dutch position is driven by the Finance Ministry,
         according to an investment banker, which takes a different
         view of the issue than the securities regulators who had
         shaped their earlier position. Thus, the text could be
         finalized this fall. Given its history and the number of
         technical issues, risks remain for slippage.  Notably, the
         ECB has weighed in favoring pre-trade transparency not only
         for shares, but also debt instruments.  While one bond
         expert regards the ECB position as out of touch, a Brussels
         lobbyist reports that the Italians are willing to consider
         such an extension.  End Summary

    Pre-Trade Transparency in the ISD: Questions with No Clear
    Answers
    --------------------------------------------- --------------

      ¶3.   (SBU) The London Investment Bankers Association (LIBA)
         and the US Securities Industry Association (SIA),
         representing European and US investment firms, were sorely
         displeased when the European Commission modified its
         proposal for revising the ISD at the last minute by
         including a requirement for these firms to provide pre-trade
         transparency (ref A).  They had argued that publishing
         prices before executing a trade provides little information
         to the market place not captured by post-trade reporting.
         Investors would be protected from being fleeced by
         subjecting investment firms to "best execution" obligations.
         Moreover, pre-trade transparency could drive market prices
         down, resulting in lower prices for investors.  Such
         requirement would also require changes to the way investment
         firms do business, requiring investment in new mechanisms.
         All arguments that Commission staff had accepted, but the
         Commissioners did not.

      ¶4.   (SBU) Investment firms took a hard line position that
         the pre-trade transparency provisions were unworkable and
         should be deleted.  The lead manager for the legislation in
         the European Parliament, Theresa Villiers took a similar
         view in her initial report on the ISD (ref B).  In her view,
         the best solution would be to drop the offending article.
         Privately, however, she knew that a compromise would be
         necessary.

      ¶5.   (SBU) Investment firms complained about the details of
         the proposed pre-trade transparency requirements.  Under the
         Commission's proposal, investment firms are to "make public"
         a "firm bid and offer price" for transactions of a "size
         customarily undertaken by a retail investor" and to trade
         with "other investment firms and eligible counter parties at
         the advertised prices."  How were they to make such
         information public?  Would a firm price mean that they would
         not be able to offer price improvements, even as market
         conditions changed? What is a transaction size that is
         customary for retail investors?  Forcing investment firms to
         deal with all potential investors, regardless of their
         credit rating or relationship with the firm, could subject
         them to higher credit risks.  Too many questions with no
         clear answers.  Some investment bankers had the distinct
         feeling that these provisions were designed to increase
         costs to investment firms and deprive them of their
         competitive advantage over stock exchanges.

    Compromise Possibilities:  Italians and Dutch Try Their
    Hands
    --------------------------------------------- --------------

      ¶6.   (SBU) At the end of June and early July, the Dutch and
         Italians took their hands at fashioning possible compromise
         texts in the Council Working Group.  The role of both is
         notable.  The Dutch financial market regulator had
         criticized "internalization," e.g. where an investment firm
         can match trades in-house.  Italian interests reportedly
         were among those that had moved the College of Commissioners
         to adopt a pre-trade transparency requirement last November.
         According to one investment banker, the Dutch position has
         shifted as the Finance Ministry has taken the lead on the
         issue and has a different view.  The Italians, now in the
         Presidency, feel the pressure to deliver results on the ISD.
         The Italian Finance Minister has pledged that the ISD will
         be completed under the Italian Presidency.

      ¶7.   (SBU) The Dutch took the view that some transparency is
         needed to benefit price formation but that competition
         between different trade execution venues was also
         beneficial.  To cover both points they proposed that the pre-
         trade transparency obligation apply only to retail trade.
         Pre-trade disclosure of large trades could result in the
         market moving against the firm publishing the quote, a view
         shared by investment firms, which could dry up market
         liquidity.

      ¶8.   (SBU) Further, the Dutch reasoned that only firms
         active in the retail market that internalize would be
         subject to pre-trade transparency requirements.  Such
         "internalizers" would be defined as those who regularly
         execute retail client orders in shares by dealing on its own
         account.  Just trading in-house against a firm's propriety
         book would not count as internalization.  A firm should also
         be able to improve or change the price depending on market
         conditions, in the Dutch view.  Finally, investment firms
         should be able to control with whom they do business, e.g.
         they would offer their services to their own retail clients
         but not have to trade with all comers.

      ¶9.   (SBU) These same points have been picked up in a
         Council Working Group text drafted by the Italians based on
         a Group meeting on July 7.  In this Italian version
         investment firms are to publish firm prices for shares for
         which they are "systematic internalizers," i.e.
         systematically dealing on its own account in transactions of
         a "standard size" of shares admitted to trading on a stock
         exchange.  Such internalizers would be able to withdraw
         prices in accordance with market conditions.  Prices and the
         sizes of trades are to be made public in a manner that is
         easily accessible to the firms' clients and to market
         participants on a "reasonable commercial basis." Finally,
         systematic internalizers would be allowed to decide, in a
         non-discriminatory way, the persons they accept as clients.

    Parliament in Sync
    --------------------------------------------- --------------

      ¶10.  (SBU) Whether by coincidence or design, the compromise
         amendments offered by Villiers on July 10 look very similar
         to the new Italian text.  Investment firms which practice
         systematic internalization are to publish firm "quotes" (not
         prices) for transactions of a "standard market size" for
         shares admitted to trading on a stock exchange.  Systematic
         internalizers would have to deal with their "clients" at a
         price equal to or better than the quote. Thus, they would
         not have to trade with all comers and they could improve the
         price based on market conditions.  Finally, the compromise
         text would require the prices to be accessible to other
         market participants on "reasonable commercial terms."

    Principle Established, A Question of Price
    --------------------------------------------- --------------

      ¶11.  (SBU) Investment firms experts are generally pleased
         with the direction of these ideas.  Their preference still
         is not to have any pre-trade transparency provision.  Not
         winning the principle, their next objective is to make the
         provisions as tolerable and as inexpensive as possible.

      ¶12.  (SBU) Even if the compromises being discussed were to
         be accepted, important details would remain to be
         elaborated.  Both the Italian and Villiers text would have
         the European Commission together with the Committee of
         European Securities Regulators (CESR) specify the size of a
         transaction that would constitute a "standard market size,"
         in implementing measures.  A standard market size could vary
         from market to market.  Thus, the scope of the provision
         will remain unknown until such measures are adopted.

    Chance for Success?
    --------------------------------------------- ----------

      ¶13.  (SBU) According to a representative of an investment
         firm, the Villiers and Italian text have a chance of being
         adopted.  The Villiers text is scheduled to be voted on in
         the Economic and Monetary Affairs Committee on September 10.
         The compromise text is to be the basis for that vote.
         However, according to this representative, EMAC members
         agreed to vote as long as all respected a "cease fire"
         during the summer recess not to seek changes to the text.

      ¶14.  (SBU) Whether the Italians can pull their text through
         the Council Working Group is also unknown at this point.
         The Italians, however, have been working on the text in
         August - but the August vacation period has slowed their own
         internal efforts.  European Parliament staffers have pointed
         out that if the Council does not send a text to EMAC by
         November, legislative mechanics alone could preclude final
         adoption of the directive before the Parliament's scheduled
         April adjournment.

    European Central Bank Takes A Hand:  Nave or Just Out of
    the Picture?
    --------------------------------------------- ------------

      ¶15.  (SBU) On June 12 the European Central Bank (ECB) issued
         an opinion on the proposed revision of the ISD.  The ECB
         "welcomed" the Commission's proposed rules on pre-trade
         transparency as "advancing the fundamental goal of allowing
         investors to choose the more efficient trading venues."  The
         ECB also opined that there is a "strong case for
         consolidating price information at the EU or euro area
         level" and thought that public authorities could "act as
         catalysts" to the private sector to undertake such an
         effort.

      ¶16.  (SBU) The ECB goes on to criticize the Commission's
         proposal for limiting transparency to shares.  Rather, the
         ECB "recommends that the Commission reconsiders the scope of
         the transparency rules and extends them to debt securities."
         If it is not possible to do so, then the Commission should
         report in two years on the possibility to extend the
         provisions to debt securities, rather than in four years as
         provided in the Commission's initial proposal.

      ¶17.  (SBU) The "Financial Services Newsletter" of Brussels-
         based Houston Consulting reports that the Italian Presidency
         is will to consider the extension of the Article 25
         reporting requirement to bond.  The Italian July draft,
         however, does not extend pre-trade transparency provisions
         to debt instruments, but does incorporate the idea of a
         Commission report in two rather than four years.
      ¶18.  (SBU) According to several bond experts, the notion of
         transparency in debt security prices is rather unique. They
         point out that the bond market is composed of many bonds
         that have many different features and are much more
         heterogeneous than equities.  Thus, comparisons between bond
         prices are very difficult.  Moreover, once bonds are placed,
         generally they are not traded but held by investors.
         Accordingly, these experts note that the market for a
         specific bond may not be very liquid after the initial
         placement.  One bond expert believed that the ECB was rather
         nave in its approach.  Pre-trade transparency for bonds
         sounds fine in theory, but in practice irrelevant, in his
         view.

      ¶19.  This cable coordinated with Embassies Berlin, Rome, The
         Hague and USEU Brussels.

      (U)     POC: James Wallar, Treasury Representative, e-
         mail wallarjg2@state.gov; tel. 49-(69)-7535-2431, fax
         49-(69)-7535-2238.

    Bodde

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