Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-01-14-Speech-2-249"
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"en.20030114.7.2-249"2
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"Mr President, first of all, I would like to thank Mr Andria for his work, on behalf of my group. This is a complex subject and Mr Andria used all the means available to him to reach a compromise. Our group is highly satisfied with his working methods and the results he has achieved. The report, as voted on in the Committee on Economic and Monetary Affairs, is very well-balanced. We would like to add two minor amendments designed to clarify the text rather than change the content.
I shall not repeat the importance of our work in establishing an integrated financial market at European level. Parliament has already examined some aspects of this market and imposed some of the extremely numerous common rules which will be necessary for it to function properly. A single, transparent framework for clearing and settlement is part of these essential rules. That is why, in parallel with our work on the directive on investment services, Parliament is asking the Commission for a draft directive on clearing and settlement.
In the absence of any form of regulation, the market players have organised themselves to create a system which, although it does function, is far from ideal. Furthermore, this system naturally tends towards the establishment of a private monopoly and distortions of competition due to confusion between the differing functions of infrastructures and banks. We cannot seriously accept this. We could, of course, as some Members are proposing, allow the market to organise itself. We could also shoulder our responsibilities as co-legislators and ask the Commission to lay down rules ensuring transparency and free competition. Everyone here knows that the markets cannot achieve a healthy balance unless they are organised transparently and safely. That is not currently the case, and that is what my group is asking for.
We support the rapporteur on three essential points. First, the removal of all barriers to the creation of a single market for clearing and settlement. These barriers, whether technical, fiscal or legal, obstruct the finalisation of individual cross-border transactions and must be removed. Secondly, free, transparent competition. We call for open, fair access to settlement infrastructures. We believe these settlement infrastructures should be considered as a service of general interest. That should not prejudice their private or public status, but allow them to be run as non-profit-making bodies and be accessible without discrimination to all users. Lastly, we must put an end to the current state of confusion between commercial and non-commercial functions. We cannot accept that some players, driven solely by the prospect of profit, expose the non-commercial functions to the risks inherent in banking. This seems particularly relevant at a time when the United States are stepping up measures to protect their market. That is why our group will support Mr Andria’s request for clear separation of roles. That way we will protect our markets and put an end to the dumping that is often concealed in the confusion.
The European Commission has asked us to speak on this matter. If we are to fulfil our role as colegislator, it is not enough to present the Commission with a recommendation that is devoid of any content. For this reason, our group will reject all the amendments that are nothing more than delaying tactics and will support the rapporteur in his clear, constructive positions. We have tabled two amendments, whose principal aim is to clarify the text voted in the Committee on Economic and Monetary Affairs and which do not take anything away from the text. We simply believe that the wording of the current paragraph 11 no longer corresponds to the state of market forces and would lead to excessive disruption if settlement services had to be the property of their users.
We have also taken the liberty of adding to the compromise adopted by all the groups on paragraph 12 our concern for transparency and the exercise of free competition. I do not think that should pose a problem to my fellow Members."@en1
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