The widespread use of derivatives has created considerable new risks, especially of a systemic nature. To reduce risks regulators hare mandating the use of central counter-parties, of trade repositories and of regulated trading facilities. The paper gives a short overview of pending European...

Exchange trading funds are treated in at least three different manners in Europe: as listed securities, as UCITS (or: classic investment funds) and in the future as Alternative Investment Funds. The latter qualification will become essential within two years once the directive on Alternative...