Regulatory Structure and Environment of NYSE Euronext

Each of the NYSE Euronext exchanges (meaning the Euronext Market Undertakings) holds an exchange license granted by the relevant national authority and operates under its supervision. Each market operator is also subject to the national laws and regulations in force in its jurisdiction, in addition to the requirements imposed by the national authority and, in some cases, by the central bank and/or the ministry of finance. Regulation of NYSE Euronext’s European markets is conducted in a coordinated way by the respective national authorities, pursuant to a Memorandum of Understanding (MOU) relating to the cash and derivatives markets.

The integration of NYSE Euronext’s markets in Europe has been fostered and accompanied by regulatory harmonisation. A single Rule Book governs trading on all Euronext Securities and Derivatives Markets. It contains both harmonised and non-harmonised—or local—rules and may be accessed in the present section of the website.

The regulatory framework in which NYSE Euronext operates in Europe is substantially influenced, and partly governed, by European directives in the financial services area. In November 2007, the Markets in Financial Instruments Directive (MiFID) came into effect. MiFID is one of the key directives in the Financial Services Action Plan (FSAP). The FSAP was adopted by the European Union in 1999 in order to create a single market for financial services by harmonising the member states’ rules on securities, banking, insurance, mortgages, pensions and all other financial transactions.

The progressive implementation by European member states of the FSAP directives has enabled and increased the degree of harmonisation of the regulatory regime applicable to financial services, securities trading, offerings, listings and market abuse. In addition, the implementation of MiFID by the European member states has reinforced the regulators’ authority and control over market operators’ governance, organization and shareholders.