During the past several months, discussions on financial reform should be completed June 26 The Senate and House of Representatives have each passed a different version of the text. Elected officials from each chamber are now trying to work on a common version. Congress hopes to be ready for the G20, to be held on 26 and 27 June in Toronto, where regulation of the financial sector will be a central theme. The final text could be adopted just before the recess of parliament in early July. It will then be submitted to President Barack Obama for enactment.
Proposals expected in Europe in a few weeks
A desire to succeed which is felt also in Europe.On Wednesday, the President of the Republic, Nicolas Sarkozy and German Chancellor Angela Merkel, have co-signed a letter to José Manuel Barroso, President of the European Commission, urging the agency to "accelerate its work" on "enhanced supervision" of financial markets. They attract attention of the European Commission on the issue of regulation of swaps and CDS. The naked short selling could be banned in the entire European Union.The two leaders also stressed the need for greater transparency in the global markets, that there trading stocks or bonds, sovereign bonds according to their benefit as soon as attention particular.
Proposals of measures could be presented in a few weeks.
A "circuit breaker" on Monday in the U.S.
In the U.S., initial development of markets will be set up incessantly. In its effort regulation of the financial sphere, the system of "circuit breaker" required by the Securities and Exchange Commission (SEC) could indeed come into force next Monday. It provides for a suspension of trade in a way which would fluctuate more than 10% in less than five minutes on the market.With this rule, the Constable of financial markets hoping to avoid the stock market panic like that of May 6.
The SEC is considering extending these fuses, which concern the companies currently listed in the Standard Poor's 500, over a thousand companies.
