After a meeting in Barcelona on Friday, the Committee of European Securities Regulators has pledged to step up market surveillance.

The CESR said that, “following the recent exceptional volatility in the securities and derivatives markets, [the regulators] have decided… to intensify their close monitoring of these markets. In particular, they will pay attention to potential breaches of conduct of business rules and cases of market abuse with a view to coordinating the actions of national supervisors.”

They also said that they would co-operate closely with non-European securities regulators, particularly the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission, because of the global nature of the markets. The CESR’s Standing Committee, which is responsible for ensuring market integrity and enhancing co-operation and exchange of information between CESR members, will coordinate any cross-border investigations.

Yesterday, the SEC and CFTC said that they were working with other regulators and exchanges to review the unusual trading activity, and to protect investors.

IE