‘Wise Men Group’ to review rules for European stock markets

French Finance Minister Fabius announced the creation of a Group of Wise Men to review the regulation of European security markets.

Speaking before the European Parliament's economic and monetary affairs committee, French Finance Minister Laurent Fabius announced the creation of a Group of Wise Men to review the regulation of European security markets. The initiative comes as a reaction to the merger waves in European stock exchanges.

Earlier this year, the Paris, Brussels and Amsterdam Bourses announced a merger, to be followed some time later by the London and Frankfurt stock exchanges.

"One of the tasks of the Group will be to evaluate the capacity of current securities market regulatory mechanisms in order to cope with profound changes which are underway. An example is the integration of Stock Markets or new technological trading systems", said Commissioner Frits Bolkestein.

Bolkestein also showed himself optimistic on reaching an agreement with non-EU countries on the so-called tax package and the issue of banking secrecy.

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