Members of the European Parliament, politicians from EU member states and Brussels bureaucrats are locked in debate over the draft revised Investment Services Directive (ISD), one of the key parts of commissioner Frits Bolkestein’s plans for an integrated European capital market.
What worries banks most is a clause that will force them to quote publicly bid and offer prices at which they are obliged to trade, rather than keep some deals in-house. Banks claim that stock exchanges are trying to steal business, and stock exchanges say banks are trying to profit by misleading investors.
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