Questions about the association

What are the AFPDB’s target groups ?

By the nature of its mission, the AFPDB mainly targets :

• All the counterparts of the derivative industry on regulatory fields: regulatory authorities, the European Commission as well as every instance having a power of regulation of this industry.
• All retail platforms: the regulated market NYSE-Euronext, its European counterparts as well as any multilateral or bilateral trading system established in France or abroad, and being able to potentially increase the efficiency, liquidity or size of this industry.
• The whole financial press and more generally consumer press benefiting, from now on and for the first time in France, from an access to a distinct point of view on this market, an objective analysis and certain information which were not published until now.

What are Exchange-listed products ?

An Exchange-listed product is a product issued under public offering (mainly a Warrant or a Certificate) by a credit institution, the performance of which is always objective and well known at issuance. These products are subject to a primary market, but also (and it is one of their peculiarities) to an efficient and liquid secondary market. They are intended to a large public and have most of the time characteristics relatively standardized for a better understanding of the public.

What is the AFPDB’s mission ?

The Association’s mission is expressed around two main axes :

• To further the development and to promote the derivatives industry on French or foreign markets.
• To propose, strengthen and improve the regulation governing this business in France, particularly on the regulatory part but also on the aspects of negotiation, distribution and marketing with the public.

To what extent does the AFPDB guarantee the objectivity of its mission ?

Furthering the reputation of Exchange-listed derivatives passes by a series of publications, press’ releases, positions and various analyses of this industry. In order not to favor any member, the whole “public communication” will be made trough the spokesman of the AFPDB: M Jean-Luc Jancel, Managing Director of an on-line broker in France.
Concerning the specialists’ questions, the AFPDB appoints the most appropriated members, especially within the Executive committee, in order to discuss to the relevant counterparts on these questions.

What is the AFPDB’s relationship with foreign market’s actors ?

Texts and positions of the French regulator, the AMF, not only ensue from national considerations but also, and in an increasing way, from European ones. Hence, the AFPDB intends to be force of proposal in France as with the European Commission. Moreover, some of the AFPDB’s members are active participants in the consultations of the European Commission on the questions relative to the mandate of the association.

What are the AFPDB’s main projects at the medium to long term ?

The AFPDB’s works are strongly dependant on the current events, on the evolution of the regulatory frame and on financial innovations. The AFPDB chose to work on a text aiming at the establishment of a set of rules of good behaviors to favor the self-regulation on this market. This code of good conducts will precisely define the approach in the behavior to be followed by the issuers concerning the following fields:

• Products issuing
• Structuring
• Access to information
• Distribution
• Commercialisation
• Communication
• Liquidity of the secondary market