(4) The improvement of the operation of the internal market, in particular the avoidance of distortions between the participating Member States, the reduction of the possibility for tax fraud, tax evasion and aggressive tax planning, the risk of relocation of risk and regulatory arbitrage, requires that FTT should apply to a broadly determined range of financial institutions and transactions, to trade in a wide range of financial i ...[+++]nstruments, including structured products, both in the organised markets and "over-the-counter", as well as to the conclusion of all derivative contracts, including contracts for difference, currency spot exchange markets and speculative forward transactions, and to material modifications of the operations concerned.

Market measures and futures: Consideration of "green box compatible" instruments to reduce income volatility, including possibly facilitating the use of futures markets, in particular via targeted training programmes.

M. whereas given that HFT claims to provide liquidity to financial markets it would be useful to determine whether there are risks associated with electronic order systems and the significant share of trading volumes attributable to HFT strategies, estimated at 70 % in the US, particularly in view of the conclusions of the Securities and Exchange Commission concerning the US ‘flash crash’ on 6 May 2010 when HFT liquidity providers exited the market,

An amount of 1.000 EUR per issue is rather popular with retail investors and also with small pension funds and UCITSs that follow a special index; they all invest often in small denominations of non-equity securities (For amounts less than 1.000 EUR the relative high handling and depository costs of securities make bonds less attractive for retail investors than savings accounts.) These investors would possibly have less access to cross-border issues of those issuers who – due to a high threshold of 5.000 EUR - would have to concentrate on their home market.

Although BIFFEX is not dealing with commodities, it does operate in the same way as the Terminal Markets, the rules and regulations of which were granted negative clearance by the Commission in 1985 and 1986 (sugar, cocoa, coffee, rubber, petroleum, soya bean, grain, potato and meat).

There is much risk management and many market instruments for risk management: futures markets, weather derivatives, contract production and other ways in which the small loss of an individual farmer can be pooled across the market in some way.