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☆ ECB's Lagarde responds to scathing staff survey: 'I'm very proud and honored to lead the institution'
▼ + stars: | 2024-01-25 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

European Central Bank President Christine Lagarde looks on as she attends the European Parliament's Committee on Economic and Monetary Affairs, at the European Parliament, in Brussels, Belgium September 25, 2023. President Christine Lagarde on Thursday said she was "proud and honored" to leead the European Central Bank, after her leadership was slammed in a union-run survey of staff. The survey's qualitative responses suggested some staff believed she had created a negative atmosphere at the central bank, and that she spends "too much time on topics unrelated to monetary policy," IPSO said. Appearing unfazed, former politician and lawyer Lagarde said that the ECB conducted its own surveys in a "way that we can trust." The surveys are conducted by around 60% of employees, and also cover wages, respect in the workplace and workplace satisfaction, she said.

Persons: Christine Lagarde, IPSO, Lagarde Organizations: European Central Bank, European Parliament's, Economic, Monetary Affairs, ECB, IPSO Locations: Brussels, Belgium

☆ European Central Bank holds rates and trims its inflation forecast
▼ + stars: | 2023-12-14 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

BRUSSELS, BELGIUM - NOVEMBER 27: Christine Lagarde, President of the European Central Bank speaks during the European Parliament's Committee on Economic and Monetary Affairs (ECON) meeting in Brussels, Belgium on Nevember 27, 2023. (Photo by Dursun Aydemir/Anadolu via Getty Images)The European Central Bank on Thursday held interest rates steady for the second meeting in a row, as it revised its growth forecasts lower and announced plans to speed up the shrinking of its balance sheet. The latest staff macroeconomic projections see average real GDP expanding 0.6% in 2023, from a prior forecast of 0.7%. Headline inflation is meanwhile seen averaging 5.4% in 2023, 2.7% in 2024 and 2.1% in 2025. Members see core inflation, excluding energy and food, averaging 5% this year and 2.7% in 2024, 2.3% in 2025, and 2.1% in 2026.

Persons: Christine Lagarde, Dursun Aydemir, James Smith, CNBC's Joumanna Bercetche Organizations: European Central Bank, European Parliament's, Economic, Monetary Affairs, Getty, ECB, ING Locations: BRUSSELS, BELGIUM, Brussels, Belgium, Anadolu

The proposal to classify AI systems by four levels of risk — from minimal to unacceptable — was essentially intended as product safety legislation. That changed with the boom in generative AI, which sparked wonder by composing music, creating images and writing essays resembling human work. Foundation models give generative AI systems such as ChatGPT the ability to create something new, unlike traditional AI, which processes data and completes tasks using predetermined rules. Resistance to government rules for these AI systems came from an unlikely place: France, Germany and Italy. “The race should be for the best AI regulations, not the first AI regulations."

Persons: —, Bard chatbot, “ Rather, won’t, ”, Nick Reiners, “ there’s, Reiners, Sam Altman, Thierry Breton, ” Reiners, Kent Walker, Iverna McGowan, McGowan, Altman, OpenAI, Alpha, it's, ” Dragos, “, “ We’re Organizations: European Union, Eurasia Group, European Commission, Microsoft, Mistral, Elon, Center for Democracy and Technology, EU Locations: European, U.S, China, Brussels, France, Germany, Italy, Europe, German, Romanian

☆ EU committee backs law to relocate euro clearing from London to bloc
▼ + stars: | 2023-11-28 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Nov 28 (Reuters) - An influential committee of European Union lawmakers voted on Tuesday in favour of a draft law aimed at shifting clearing of euro-denominated derivatives from a post-Brexit London to the bloc. Long a Brexit battleground between London and Brussels, the EU wants better oversight of clearing in euro denominated interest rate swaps bought by EU-based market participants, the bulk of which are cleared by the London Stock Exchange Group in the United Kingdom. EU securities regulator ESMA would also have to become the direct supervisor of clearers based in the EU. LSEG CEO David Schwimmer has said he is "optimistic" that clearing in London for EU customers would continue after that date. EU banks have warned that being cut off from global clearing pools in London would put them at a competitive disadvantage to international rivals.

Persons: Long, Danuta Huebner, David Schwimmer, Huw Jones, Mark Potter Organizations: European Union, EU, London Stock Exchange Group, Deutsche Boerse, European, Thomson Locations: London, Brussels, United Kingdom, EU, Frankfurt, Madrid

☆ ECB chief Lagarde admits her son lost crypto cash
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +2 min

European Central Bank President Christine Lagarde addresses the European Parliament's Committee on Economic and Monetary Affairs, at the European Parliament, in Brussels, Belgium March 20, 2023. REUTERS/Johanna Geron//File Photo Acquire Licensing RightsFRANKFURT, Nov 24 (Reuters) - No one is a prophet in their own land, including European Central Bank President Christine Lagarde, who admitted on Friday that her son lost "almost all" of his investments in crypto assets, despite copious warnings. Lagarde has long railed against cryptocurrencies, calling them speculative, worthless and a tool often used by criminals for illicit activity. "It wasn't a lot but he lost it all, he lost about 60% of it," Lagarde added. The ECB chief has two sons in their mid-30s but did not say which one she was referring to.

Persons: Christine Lagarde, Johanna Geron, Lagarde, cryptocurrencies, Balazs Koranyi, Susan Fenton Organizations: European Central Bank, Parliament's, Economic, Monetary Affairs, REUTERS, Rights, ECB, Thomson Locations: Brussels, Belgium, Frankfurt

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBRUSSELS, Nov 22 (Reuters) - EU lawmakers agreed on Wednesday to draft rules requiring Alphabet's (GOOGL.O) Google, Meta (META.O) and other online services to identify and remove online child pornography, saying that end-to-end encryption would not be affected. EU lawmakers have to thrash out the final details with member states before the draft can become legislation in a process that may be finalised next year. An EU Centre on Child Sexual Abuse will be set up to act as a hub of expertise and to forward reports to the police. To avoid mass surveillance, EU lawmakers beefed up detection orders to allow judicial authorities to authorise time-limited orders to find and delete CSAM. These can only be issued if there is reasonable grounds of suspicion of child sexual abuse.

Persons: Dado Ruvic, Foo Yun Chee, Alexander Smith Organizations: Facebook, REUTERS, Rights, Google, European, European Union, EU, Liberal, Thomson Locations: Rights BRUSSELS

☆ Hungary's Orban erects billboards vilifying EU's von der Leyen
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

BUDAPEST, Nov 20 (Reuters) - Hungary's ruling party unveiled billboards vilifying European Commission President Ursula Von der Leyen on Monday, the first time it has made her a personal target in a campaign similar to one against her predecessor that angered Brussels. The billboards, erected overnight to launch a campaign for next June's European parliamentary election, depict Von der Leyen alongside Alex Soros, the son of liberal Hungarian-born financier George Soros, a perennial target of hostility from Orban's Fidesz Party. Soros is Jewish and some critics view the central role he plays in Fidesz propaganda as evidence of anti-Semitism, which Fidesz strongly denies. Similar billboards showing Von der Leyen's predecessor Jean-Claude Juncker alongside the elder Soros drew a rebuke from Brussels in 2019. Orban sent out a survey on Friday to Hungarians asking whether the EU should allocate more funds to Ukraine or grant it membership.

Persons: Ursula Von der Leyen, Von der Leyen, Alex Soros, George Soros, Soros, Von der, Jean, Claude Juncker, Orban, Krisztina, Peter Graff Organizations: Fidesz Party, Jewish, Fidesz, EPP, Thomson Locations: BUDAPEST, Brussels, Hungarian, Hungary, Europe, Russia, Ukraine

☆ ECB's Lagarde: Increasing signs that the global economy is fragmenting into competing blocs
▼ + stars: | 2023-11-17 | by ( Matt Clinch | ) www.cnbc.com time to read: +1 min

European Central Bank President Christine Lagarde looks on as she attends the European Parliament's Committee on Economic and Monetary Affairs, at the European Parliament, in Brussels, Belgium September 25, 2023. Yves Herman | ReutersEuropean Central Bank President Christine Lagarde on Friday said that Europe is now at a critical juncture, with deglobalization, demographics and decarbonization looming on the horizon. "There are increasing signs that the global economy is fragmenting into competing blocs," she said at the European Banking Congress, according to a transcript. "As our societies age, we will need to deploy new technologies so that we can produce greater output with fewer workers. And as our climate warms, we will need to advance the green transition without any further delays."

Persons: Christine Lagarde, Yves Herman, Lagarde Organizations: European Central Bank, European Parliament's, Economic, Monetary Affairs, Reuters, Central Bank, European Banking Congress Locations: Brussels, Belgium, Europe

☆ EU lawmakers back easing securities rules to attract more listings
▼ + stars: | 2023-10-24 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Oct 24 (Reuters) - A panel of European Union lawmakers on Tuesday voted in favour of easing the bloc's securities rules to encourage more company listings and compete better with capital markets in New York and post-Brexit London. Companies in the EU typically turn to banks for loans to expand, and the reforms are aimed at diversifying corporate funding. Multiple-voting structures are a key part of New York's attraction as a listings destination, particularly for tech companies. Britain is rewriting its securities rules which it inherited when it was a member of the EU and its planned changes are similar to those approved by EU lawmakers on Tuesday. The European Parliament and EU states have joint say on the EU rules and will now start negotiations on a final text that becomes law.

Persons: Alfred Sant, Huw Jones, Susan Fenton Organizations: European Union, London . Companies, European Commission, Lawmakers, EU, Thomson Locations: New York, London, Britain

ECB chief Christine Lagarde may stick with the high-for-longer mantra that has pushed up long-dated bond yields. A weakening economy meanwhile suggests the need for further tightening is limited but the ECB is likely to push back against rate-cut speculation. ECB chief economist Philip Lane says the ECB will need time, possibly until next spring, before it can be confident that inflation is coming down. The ECB expects headline inflation to ease to 3.2% in 2024 from an average of 5.6% in 2023. Oil price moves, inflation outlook shifts4/ What does the ECB do if things go wrong with Italy?

Persons: Christine Lagarde, Johanna Geron, Francis Yared, Philip Lane, Lagarde, PEPP, Reinhard Cluse, Chris Jeffrey, Cluse, ING's Brzeski, Dhara Ranasinghe, Stefano Rebaudo, Naomi Rovnick, Susan Fenton Organizations: European Central Bank, Parliament's, Economic, Monetary Affairs, REUTERS, ECB, Deutsche Bank, Reuters Graphics Reuters, UBS, Reuters, Legal, General Investment Management, Treasury, Thomson Locations: Brussels, Belgium, Europe, United States, Italy, Germany

☆ ECB's Lagarde: confident over 2% inflation target and Europe's winter gas situation
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Yves Herman/File Photo Acquire Licensing RightsSummary Interview done on Oct 2, published on Oct 8Lagarde: confident over ECB's 2% inflation targetLagarde relatively confident over Europe's gas situationPARIS, Oct 8 (Reuters) - European Central Bank President Christine Lagarde said in an interview published on Sunday that she was confident the ECB would meet its target of getting inflation back down to 2%, and relatively confident over Europe's gas reserves situation. Lagarde added the fact that inflation was "currently falling significantly" was one of several reason as to why she was not pessimistic regarding the short-term economic outlook. She added that other reasons for this were economic reforms underway in Europe, and because Europe's gas reserves situation was better than before. And, just one year ago, who would have thought that we would succeed in replenishing more than 90% of our gas reserves by September 2023?," said Lagarde. "This allows us to look towards the coming winter, if not calmly, then at least with a lot more confidence," she added.

Persons: Christine Lagarde, Yves Herman, Lagarde, Sudip Kar, Toby Chopra Organizations: European Central Bank, European Parliament's, Economic, Monetary Affairs, REUTERS, Central Bank, ECB, Tribune, Thomson Locations: Brussels, Belgium, PARIS, Europe

In particular, lawmakers want assurances that the European Commission is not planning to shelve green measures that it promised but has not yet delivered - including restrictions on harmful chemicals, microplastics pollution and animal welfare. The shake-up in Europe's green leadership comes as climate policies face mounting pushback from politicians warning of the large investments required. Some EU officials are wary of pushing through new green measures before EU Parliament elections in June. Recent EU proposals - including a landmark law to restore nature - have faced resistance from some lawmakers and governments arguing Brussels is tangling industries in red tape. But Sefcovic and Hoekstra also need backing from green and left-leaning lawmakers demanding urgent action to tackle the CO2 emissions fuelling extreme weather across Europe, and reverse the decline of nature.

Persons: Wopke Hoekstra, de, Maros Sefcovic, Pascal Canfin, Sefcovic, Canfin, Hoekstra, Robert Fico, Kate Abnett, Bart Meijer, Christina Fincher, Josie Kao Organizations: Ministers, REUTERS, Rights, European Commission, EU, Thomson Locations: The Hague, Netherlands, Rights BRUSSELS, Dutch, Brussels, Europe, Slovak, Ukraine, Russian Slovak

☆ Would-Be EU Climate Policy Chief Seeks Green Light From Lawmakers
▼ + stars: | 2023-10-02 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +2 min

But lawmakers want to test him - particularly those from left-leaning groups that have recently clashed with centre-right lawmakers seeking to weaken some green policies. "We must ensure that the Commission sticks to its commitments on the Green Deal and avoids backsliding as right-wing politicians up their attacks on climate policies," Green lawmaker Philippe Lamberts said. Some lawmakers have questioned whether his previous roles equip him to lead climate policy. It is not uncommon, however, for EU commissioners to take on new portfolios and work with the EU civil service to master them. "I've met with him on the areas that I work on, and I've been very impressed," one EU official said.

Persons: Kate Abnett BRUSSELS, Wopke Hoekstra, Hoekstra, Ursula von der, Philippe Lamberts, I've, Kate Abnett, Kevin Liffey Organizations: European Commission, Green, Shell, EU Locations: Dutch, Europe, China, United States, Netherlands

The new German central bank (Bundesbank) vice-president Claudia Buch poses during a photocall at the Bundesbank headquarters in Frankfurt, May 20, 2014. Buch, who has been the vice-president of Germany's central bank for 10 years after a career in academia, was chosen last week over Spain's Margarita Delgado, the European Parliament's preferred candidate. The EU Parliament will have a final say on the appointment on Wednesday at a vote scheduled for 1400 GMT. At the hearing, Buch said she would immediately resign from her role as an alternate if appointed as chief supervisor. ECB President Christine Lagarde said last week that the 26-member Governing Council followed the rules in Buch's selection.

Persons: Claudia Buch, Ralph Orlowski, Buch, Spain's Margarita Delgado, Joachim Nagel, Christine Lagarde, Marco Zanni, Frank Siebelt, Hugh Lawson, Alexandra Hudson Organizations: REUTERS, Central, Single, EU, ECB, Reuters, Council, Democracy Group, Alexandra Hudson Our, Thomson Locations: Frankfurt, FRANKFURT, Spain

☆ ECB's Lagarde defends bank supervisor pick after pushback
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

SANTIAGO DE COMPOSTELLA, Sept 15 (Reuters) - European Central Bank President Christine Lagarde defended on Friday the bank's pick to head its bank supervision arm, despite the European Parliament's preference for a rival candidate to oversee a 26 trillion euro banking sector. Lagarde said that the 26-member Governing Council, who selected Buch, took the committee's opinion into account but noted that the committee had no veto but merely an opportunity to formulate an opinion. Once that opinion was received, policymakers followed the letter of the law in the selection process, Lagarde added. The key point of contention is that Buch has relatively limited experience in bank supervision, having joined the ECB's Supervisory Board only this year, while Delgado has spent decades in the field. Buch must now go back to the same committee for a public hearing, tentatively scheduled for 0800 GMT on Wednesday.

Persons: SANTIAGO, Christine Lagarde, Claudia Buch, Margarita Delgado, Buch, Lagarde, Delgado, Jan Strupczewski, Balazs Koranyi, Chizu Organizations: SANTIAGO DE COMPOSTELLA, Central Bank, ECB, Bank of Spain, Economic, Monetary Affairs, ECB's, Thomson Locations: Bank

☆ The European Parliament is auditing years of its Google ads following a report that alleged YouTube misled advertisers
▼ + stars: | 2023-07-14 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +5 min

The European Parliament said it's auditing its YouTube advertising from 2020 to date. The European Parliament is auditing its Google advertising going as far back as 2020 following a report that alleged YouTube placed ads on third-party sites that violated its own standards. This evaluation process is still ongoing," said a European Parliament press representative in an emailed statement. From its initial assessment, the use of the GVP Network by the European Parliament was "residual," the representative said. The European Parliament has been put under pressure to suspend all of its Google advertising.

Persons: TrueView skippable, Adalytics, Marvin Renaud, Renaud, Roberta Metsola, Pravda.ru, monetization, Adweek, Ruben Schreurs Organizations: Google, YouTube, Fortune, Partner, GVP, GVP Network, US Treasury, Street Journal, Ebiquity Locations: TrueView, Russia, Russian, Ukraine

HONG KONG, June 16 (Reuters) - China's Ministry of Foreign Affairs in Hong Kong said resolutions passed by the European Parliament on Thursday related to the Chinese controlled territory were a "despicable act" and "trampled" on the principles of international law. The European Parliament's resolution titled "The deterioration of fundamental freedoms in Hong Kong, notably the case of Jimmy Lai" urged Hong Kong's government to release and drop charges against the pro-democracy tycoon and other activists. It also called for the European Council to introduce "targeted sanctions" against city leader John Lee and other officials "responsible for the ongoing crackdown on human rights in Hong Kong". Government officials in Beijing and Hong Kong say that the law only targets a small number of "troublemakers" who threaten national security and that the rights and freedoms of ordinary Hong Kong people are protected. Lai, who is in prison, is facing four charges under the security law and a colonial era sedition law.

Persons: Jimmy Lai, Hong, John Lee, Lee, Lai, Lai's, Sebastien, Farah Master, Jessie Pang, Anne Marie Roantree, Gerry Doyle Organizations: China's Ministry of Foreign Affairs, European Council, United, Government, National Security Law, Thomson Locations: HONG KONG, Hong Kong, United States, Beijing, China

☆ ECB's Lagarde sees no peak in core inflation despite 'moderation'
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

[1/2] European Central Bank President Christine Lagarde walks on the day of addressing the European Parliament's Committee on Economic and Monetary Affairs, at the European Parliament, in Brussels, Belgium June 5, 2023. REUTERS/Yves HermanFRANKFURT, June 5 (Reuters) - European Central Bank President Christine Lagarde on Monday acknowledged "signs of moderation" in core inflation in the euro zone but reaffirmed it was too early to call a peak in that key gauge of price growth. Lagarde's comments were likely to cement market expectations for more interest rate increases from the ECB this month and the next despite a sharp fall in inflation last month. "The latest available data suggest that indicators of underlying inflationary pressures remain high and, although some are showing signs of moderation, there is no clear evidence that underlying inflation has peaked," Lagarde told European lawmakers. Lagarde conceded that the effects of past rate hikes "were starting to materialise" and were likely to "strengthen in the coming years".

Persons: Christine Lagarde, Yves Herman FRANKFURT, Lagarde, Francesco Canepa, Balazs Koranyi, Bernadette Baum Organizations: European Central Bank, European Parliament's, Economic, Monetary Affairs, REUTERS, Central Bank, ECB, Thomson Locations: Brussels, Belgium

☆ Centre-right lawmakers push back on EU nature laws
▼ + stars: | 2023-05-05 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

It urged the European Commission to first help countries address issues caused by existing EU nature laws. The EPP has the most lawmakers of any group in the European Parliament - 176 out of the assembly's 705 members. A source from the EPP group said it stood ready to reject the two laws, if its views were not heard. That could block the policies, if lawmakers from some other groups in the parliament also reject them. A Commission spokesperson declined to comment on the EPP resolution, but said it would work with lawmakers and EU countries to address the issues raised.

☆ Exclusive: EU Chips Act likely to get green light on April 18 -sources
▼ + stars: | 2023-04-05 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

The European Commission announced the Chips Act last year in a bid to cut EU reliance on U.S. and Asian semiconductors following global supply chain problems that hurt European businesses from carmakers to manufacturers. EU countries and lawmakers will meet at the European Parliament's monthly session in Strasbourg on April 18 to negotiate details of funding for the Act and will likely clinch a deal, the people said. Providing funding to the entire value chain also addresses complaints from the smaller EU countries about being left out after Intel (INTC.O), attracted by the Chips Act, picked Germany for its new mega chip manufacturing complex. Franco-Italian company STMicroelectronics has also teamed up with GlobalFoundries (GFS.O) to build a 6.7 billion euro chip factory in France, drawing on funding from the government. ($1 = 0.9163 euros)Reporting by Foo Yun Chee; Editing by Jan Harvey, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: EU likely to clinch deal on Chips Act on April 18 - sources
▼ + stars: | 2023-04-05 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, April 5 (Reuters) - EU countries and lawmakers are likely to clinch a deal on a multi-billion euro plan to boost the bloc's semiconductor industry on April 18, sources with direct knowledge of the matter said on Wednesday. The European Commission announced the Chips Act last year in a bid to cut EU reliance on U.S. and Asian semiconductors following global supply chain problems that hurt European businesses from carmakers to manufacturers. The countries and lawmakers will meet at the European Parliament's monthly session in Strasbourg on April 18 to negotiate details of funding for the act, the people said. Discussions have to date focused on a 400-million-euro ($438 million) shortfall, but the EU executive has managed to come up with the bulk of the funds, they said. ($1 = 0.9132 euros)Reporting by Foo Yun Chee; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ Comparing salaries — and uncovering gender pay gaps — could be easier under these new EU rules
▼ + stars: | 2023-03-31 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +3 min

Research has shown that salary transparency is key to closing the gender pay gap as women are often less likely to negotiate their compensation and tend to undervalue themselves. But what the exact consequences for too big a gender pay gap will be is up to the EU's individual member countries. "This legislation makes it crystal clear that we do not accept any kind of gender pay discrimination in the EU," Danish EU politician Kira Marie Peter-Hansen, who worked on the new legislation, said. A recent report by Moody's found that the gender pay gap could in fact cost the world economy as much as $7 trillion. The most recent official data shows that the gender pay gap in the EU was at 13% in 2021.

☆ EU silence over Pfizer COVID contract talks is problem that won't go away -watchdog
▼ + stars: | 2023-03-01 | by ( Maggie Fick | ) www.reuters.com time to read: +3 min

[1/2] The European Ombudsman Emily O'Reilly speaks during an interview with Reuters in Brussels, Belgium February 28, 2023. The Commission said in June 2022 that it no longer had the texts, which later drew criticism from the EU ombudsman. O’Reilly argued many people would understand why von der Leyen approached Bourla to plead Europe’s case for vaccines, as tens of thousands of people on the continent were dying from COVID-19. It has proposed to other EU institutions that they do the same, the spokesperson added. In February, the New York Times said it was suing the Commission over failure to release the text messages.

☆ EU lawmakers set up clash with member states over share trade ban
▼ + stars: | 2023-03-01 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, March 1 (Reuters) - A panel of European Union lawmakers were set for a clash with member states after they backed a draft law banning brokers from earning fees in return for directing share trades to specific trading platforms. The European Parliament and the EU bloc's 27 member states must now thrash out a joint position that would become law. "A ban of PFOF is a huge disservice to retail clients and to the Capital Markets Union as a whole," said Markus Ferber, a committee member from Germany, where many PFOF brokers are based. The proposed ban is part of a draft law to update the bloc's securities rules known as MiFID. The committee also backed reducing off exchange "dark trading" favoured by big investors to 7% of total trading from 8% at present, and below the 10% which EU states want.

☆ EU financial services need shake-up to benefit retail investors, top official says
▼ + stars: | 2023-01-24 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

[1/2] Mairead McGuinness, EU commissioner of financial services, financial stability and Capital Markets Union speaks during the European Parliament's plenary session in Brussels, Belgium November 23, 2020. This could include the ban on "inducements" or commission as part of efforts to give EU retail investors better value for money. Insurers and banks have already begun lining up to lobby against the potential ban on this sales model, which dominates how retail financial products are sold in the EU. Products sold through inducements are on average 35% more expensive than products sold where no inducements are paid, she said. EU states and the European Parliament would have the final say on any proposal to ban inducements.

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