The offer of the Nyse today seems to be winning

Given the movement of consolidation at work in the sector of market, the President of the authority of des marchés financiers (AMF) detected no obstacle related to the regulation. "It should not oppose the construction of a large European market transatlantic mergers," insists Michel Prada. Two and a half years after the creation of the MFA, it considers that the authority is well installed in the stock market landscape but wishes to accommodate to the assent procedure.

What eye control relates to the current consolidation of enterprises in market

The concentration movement in which we are witnessing is the result of demutualization of the business market, which are now listed-for-profit companies and who obey so the logic of development and management of any business. This posed, operators of regulated markets must fulfil certain conditions under the control of the regulator. Our mission is to ensure the ability of the leaders of these companies and the integrity of the markets under the criteria for access to the market, liquidity or transparency. At the present stage, it cannot be said that is still ask for specific problem for regulation, whether the New York Stock Exchange (Nyse) and Deutsche Börse, knowing that, in the second case, regulators will act under the umbrella of a common European legislation.

The offer of the Nyse today seems to be winning. Without prejudice to the interests of this alliance, is it not regrettable for financial Europe

From my point of view, should not oppose the construction of a large European market transatlantic mergers. Americans have never suggested that the European market was not interest them. In addition, their burst in the current redistribution of the cards is a surprise if one remembers their attempts in the 1990s to take foot directly in Europe. Their disappointments then may explain their current strategy. But it also shouldn't limit the analysis to both sides of the Atlantic Ocean. The reconstruction of the landscape in Europe and the United States can also be a way to prepare for the consequences of globalization.

What balance take you two years and a half of existence of the AMF

The authority of financial markets, it seems to me, now fully installed in the landscape of the regulation, in France, of course, but also abroad and in international forums such as the European Committee of regulators (CESR) or the international organization of the of securities commissions (IOSCO). On the operational level, most of the building are completed, whether it's the internal reorganization of the services of the Commission of the operations of scholarship (COB) and of the Council of financial markets (CMF) and the rationalization of our procedures. Surveillance systems are integrated and have been improved. Remained to finalize the merger of the admissibility and public offers visa procedures. It will soon be something made. The reform is currently subject to consultation.

Is the multiplication of the procedures of appeal against decisions of punishment a flat in this positive balance

Close to a decision of sanction on two is now the subject of an appeal. It is perfectly normal. This is actually not very satisfactory, it is the legal situation in which the procedure is unbalanced because the person appeal may in no case a worsening of its sanction. It has thus always interest to call. Reflections are underway and we will make proposals to the Government in the coming weeks. The objective is to enable the AMF to enter itself in the procedure of appeal, either using directly in cases where the decision of the commission of the penalties would be questionable at College as the authority of referral to the commission the sanctions either by the procedure for the cross-appeal. The sanctioned person would be thus exposed to a worsening of its sanction. Among the proposals that we intend to submit to the Government also be an increase in the scale of fines.

Will these penalties be partly used to finance the Institute for financial education of the public

We are looking for a formula combining fines from resource to the financial education of the public. There is, it seems to me, a logical connection between the sanction of an act that disturbed the functioning of the market and the pedagogical approach to improve the knowledge of this market.

Do you have advanced on the procedure of transaction

The subject is complex. Introduce a mechanism of transaction appear quite necessary in view of the increasingly cumbersome procedures which can leave fear a traffic jam. Its speed can be a significant asset for market actors if use transparently. We propose a device smaller than that envisaged at the outset, attempting to articulate the administrative and criminal procedures. The "administrative composition" would thus constitute an alternative to the only administrative sanction and would not direct result on criminal prosecution, even if the Prosecutor's Office would, of course, informed at each step.