Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-09-23-Speech-2-322"
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"en.20030923.11.2-322"2
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"Mr President, I would like to begin by thanking the rapporteur. The road has been long and, in parts, an arduous one, but we have now found a compromise that reflects the whole House, that reflects opinion, and we should do our best to ensure that, in this week’s vote, the compromise as such is no longer challenged, but that there are only editorial changes to be made. We all accept that in future there will be competition between the different trading platforms, competition between stock markets and banks.
On the other hand, we cannot disregard specific criteria, for example, that in competition the same conditions apply to banks as do to markets. What that means is that, if I take markets as sources of prices – of meaningful market prices – then this cannot be allowed to lead to liquidity being damaged in future and markets no longer being meaningful. As for transparency, we must ensure that the market is transparent for all as a place where prices emerge, and that everyone can understand how prices evolve there. Supply and demand must be maintained. This is what our laborious discussions achieved, and also for pre-trade transparency. We gave some points to the Committee of European Securities Regulators (CESR) and we will listen attentively to what advice the CESR gives us.
I see it as crucial that there are no winners and no losers in this discussion. Neither the City of London nor any other financial centre in Europe has won. Also we cannot say that the markets or the investment houses should have won, but everyone should be in this market together in the future, in order then to attract customers with the best offer. From a German point of view it is also important for me that the market structure should take national factors into account. I would, therefore, also ask that you give broad support to the two amendments tabled by the Group of the European People’s Party (Christian Democrats) and European Democrats so that small dealers in Germany are still protected. Thank you, Mr President."@en1
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