Lost in translation

The EU is committed to creating a single European financial services market,and the harmonisation of disclosure and transparency requirements is touted asa driving force towards market standardisation. So when European finance ministersvoted in November to strike a clause from the EU transparency directive thatwould impose a quarterly reporting requirement on any company whose securitiestrade in the EU, sighs of frustration were heard across Euroland.

Within the context of the entire Financial

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