October 2011, the European Commission published its proposal to review Directive 2004/39/EC

On 20 October 2011, the European Commission published its proposal to review Directive
2004/39/EC of 21 April 2004 on markets in financial instruments. The final proposal, which
is still under discussion, is designed to deliver on the G20 commitment to trade standardised
derivatives on exchanges or electronic platforms.

Furthermore, it will enhance trade
transparency and investor protection and introduce a new trading category (organised trading
facility) with a view to regulating those trading venues that are not captured by the current
regulation as well as provisions regarding high frequency trading and commodity derivatives
trading.