Financial analysis – European Code of Conduct on Sponsored Research
At the end of 2025, ESMA published its final report on the European Code of Conduct applicable to sponsored research, […]
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Market abuse – Pre-hedging
Last summer, ESMA published a report on feedback to the 2022 call for evidence on pre-hedging practices, i.e. hedging transactions conducted in an anticipatory manner ahead of potential transactions by a client or counterparty. Following the release of the report, AMAFI reiterated to the AMF, and subsequently also to ESMA, some of the positions contained in its feedback to the European authority (AMAFI / 22-67).
In a note to the two authorities (AMAFI / 24-06), AMAFI stressed that pre-hedging is vital to orderly financial markets and should not be systematically viewed as insider dealing. It also urged ESMA to draw a clearer distinction between hedging and pre-hedging and underlined the challenges in gathering prior consent from clients for pre-hedging on electronic or request-for-quote markets.
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All the news
Interview with Stéphane Giordano: “We do not need a major institutional overhaul to become more effective”
Find in the new AMAFI–RB publication entitled “A Federal Europe: A Good Solution for the Economy and the Markets? the […]
FTT: AMAFI warns against a tougher approach that would harm French companies
AMAFI has published an impact study on the consequences of raising the rate of the financial transaction tax (FTT) from […]