Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-10-25-Speech-1-056"
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"en.20041025.13.1-056"2
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"Mr President, I should like to mention in passing, if I may, the joint work done by the European Central Bank System and the Committee of European Securities Regulators as regards developing joint rules and standards in the field of clearing and settlement, which is also mentioned in the draft resolution. These standards represent a highly significant contribution towards a securities infrastructure that is safe and integrated. We are placing the highest importance on this aim, given that the current fragmentation of this infrastructure has led to transaction costs that are too high and this is, furthermore, a source of financial instability.
Nevertheless, I must say at this point that whilst the standards that we agreed with the Committee of European Securities Regulators were decided in total compliance with the current legislation and regulations in force, we do not wish, under any circumstances, to prejudge any decisions that may be taken in future. Consequently, if a new directive on clearing and settlement were adopted following the appropriate procedure, we would, of course, look again at our joint rules and standards, so as to ensure that they remained in line with the provisions of the directive if, once again, such a decision were taken."@en1
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