I’M DEFINITELY not that smart, but I find it hard to believe that anyone other than the authors themselves understands anything the Committee of European Securities Regulators (CESR) says.
Take this one-paragraph news release issued by the CESR yesterday:
The MiFID implementing Regulation (No 1287/2006, of 10 August 2006) requires the relevant competent authorities to calculate and publish a set of information regarding all shares which are admitted to trading on a regulated market. CESR has collected this information, and publishes it today in the form of a database. The information included in this database allows market participants to recognise liquid shares (which trigger the obligations for systematic internalisers according to Article 27) and to determine the block sizes for waivers from pre-trade transparency requirements and delayed post-trade publication.
Say what? Spend five minutes on the CESR’s website and I’m willing to bet you’ll be confused as me.