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8.12.2022 6 MARKETS Symbol Volume Value Trades High Low Open Closing Change Code Traded Traded Trades Price Price Price Price EQUITIES BOV 36,383 31,602.65 7 0.870 0.860 0.870 0.860 -0.010 HLI 18,500 4,070.00 2 0.220 0.220 0.220 0.220 -0.002 HSB 617 450.41 1 0.730 0.730 0.730 0.730 0.000 GOVERNMENT BONDS G30A 700,000 805,490.00 1 115.070 115.070 115.070 115.070 0.000 G32GA 100,000 106,129.00 4 106.130 106.120 106.120 106.130 -0.370 G51A 4,000 2,716.80 1 67.920 67.920 67.920 67.920 -13.080 CORPORATE BONDS 1923A 8,000 8,040.00 1 100.500 100.500 100.500 100.500 -0.500 BV30B 50,000 44,000.00 2 88.000 88.000 88.000 88.000 0.000 DN33A 10,000 10,000.00 2 100.000 100.000 100.000 100.000 -1.000 IH25A 1,400 1,407.00 2 100.500 100.500 100.500 100.500 0.480 IH26A 10,000 9,750.00 3 97.500 97.500 97.500 97.500 0.000 JD32A 4,000 4,000.00 1 100.000 100.000 100.000 100.000 0.000 MI23A 10,000 10,000.00 1 100.000 100.000 100.000 100.000 1.000 Malta Stock Exchange Regulated Main Market Trading Date: 7 Dec 2022 EU ramps up moves to limit financial link with post-Brexit London THE European Union published three draft laws on Wednesday to lift economic growth by deep- ening its capital market through less reliance on post-Brexit Lon- don, cutting red tape on com- pany listings and streamlining insolvency rules. Britain's departure from the EU has forced the bloc to review its reliance on London for clear- ing trillions of euros in deriva- tives, EU financial services com- missioner Mairead McGuinness said. The draft laws form the latest package in the bloc's efforts to build a capital markets union. The first draft law seeks to build the bloc's own capacity to clear derivatives, partly by mandating banks to clear more of their transactions via "active accounts" with a clearer inside the EU, rather than in London, or face capital charges. The portion that must shift would be decided by EU regula- tors, but the relocation would be "gradual" and "with the grain" of the market to cut excessive rath- er than all reliance on London, an EU official said. "We are not going to disrupt markets here," the official said. Britain is also reforming its own financial rules, with more changes due to be announced on Friday. "We fully respect the right and capacity of the United King- dom to do what it wants to do around its financial industry, in its interests, so I think there is a healthy respect and under- standing of why we are doing it," McGuinness said. Banks pushed back against vol- untary attempts to relocate euro clearing from London to Frank- furt, leaving the EU with little choice but to mandate the shift. "It was never going to happen overnight... I think there is less resistance that there was in the early stages. There is an under- standing that this is going to happen." "We don't underestimate how big a change this is," she said. The draft law also applies "les- sons" from this year's spike in energy prices after Russia in- vaded Ukraine, forcing govern- ments to help energy companies meet rocketing margin calls on their gas derivatives. Banks will have to inform en- ergy clients regarding what sort of margin calls they can expect when markets change. There will also be tougher conditions on energy companies that want to be members of a clearing house. The second draft law on insol- vency aims to increase clarity and predictability for investors in one EU state who want to invest in a company in another member country on how would they get money back if the firm went bust. The third draft law seeks to simplify how companies list to save about 100 million euros an- nually in compliance fees. Brussels is proposing share structures which allow founders of a company to maintain con- trol of a firm after listing, repli- cating a rule popular with tech firms in the United States and which Britain has recently cop- ied. Prospectuses would also be streamlined to save 67 million euros annually. The European Parliament and EU states have the final say on the rules with changes likely. 1.80% MGS 2051 (I)

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