Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-07-06-Speech-3-459"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20050706.34.3-459"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spoken text |
".
Mr President, I wish to congratulate the rapporteur, Mrs Kauppi, on her well-balanced report, which is supported by most of the political groups and a large majority of the financial services industry. She has been active in finding compromises. We are still working on it: Mrs Starkevičiūtė from the Liberal Group, Mrs Berès and myself So you can see that the issue of clearing and settlement in the EU is really a ladies’ world.
Mrs Kauppi took over from another lady, Mrs Villiers, who left the European Parliament to become a Member of the House of Commons in Britain. My Group was not very happy with her approach. In the explanatory statement of this report you can still find a reminder of her approach, which was very much anti-legislation and principally and vehemently against a directive on clearing and settlement. My Group and the PPE-DE Group do not exclude the need for a directive. This was also the starting point in the Andria report from a previous parliamentary term.
We have chosen not to engage in an ideological battle about whether to have legislation, but to list pragmatically the issues to be taken into account politically, to assess the necessity, feasibility and desirability of legislation or other forms of regulation, and to wait for the factual impact assessments that the Commission is currently carrying out before making up our minds definitely. This is a more pragmatic and wise approach and I am happy that we managed to achieve it.
Nevertheless, I wish to repeat some concerns. I should like to see a decent system of integrated European supervision – also in relation to competition rules. The Commission should keep a close eye on anti-competitive developments that could take place in this fragile clearing and settlement market, particularly in relation to possible consolidation of stock exchanges in Europe. I have noted that the Bundeskartelamt has just given the green light for a possible merger of Deutsche Börse and the London Stock Exchange, although this is no longer a real option. The UK Competition Commission will very soon deliver its opinion on this possible merger or on the other combination of Euronext and LSE.
However, we have already raised the question of whether the European Commission should be more proactive and not leave it to the national competition authorities to judge the developments, because the financial markets – in particular the post-market activities – can have an enormous impact on these markets. At least we should monitor the various aspects from the point of view of competition and the impact on the smooth functioning of the European financial markets. My Group does not exclude
competition rules as a consequence.
Unbundling of different elements in the clearance and settlement value chain is not something we propose at this stage, but I would like to have more assurance that cross-subsidies do not exist in this industry and that custodian banks are free to transfer securities outside their home conglomerates.
Let me finish by saying that CESR – the Committee of European Securities Regulators – has already been active on this issue, which has not always been welcomed by our committee, because what it was doing was not very transparent. It must be said that at least it has been proactive. I hope we can improve on the cooperation and the further elaboration of this regulation on clearing and settlement."@en1
|
| lpv:spokenAs | |
| lpv:unclassifiedMetadata |
Named graphs describing this resource:
The resource appears as object in 2 triples