Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-07-07-Speech-1-071"

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"en.20080707.15.1-071"2
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"Madam President, I wish to raise the issue of the increasing oil prices and particularly the oil futures market. There are many reasons given for the increase in oil markets. One is demand; the other is supply and the poor investment in infrastructure in oil for many years. Professionals in the oil industry and market are increasingly raising the issue of the ridiculously low margin requirement for crude oil futures. It lies between 5% and 7%. In other words, if you want to buy 10 million euros’ worth of futures in oil, all you have to do is put down half a million euros as an investment. TrimTabs Investment Research, a leading US independent research service, has said that if their margin requirement was raised between 25% and 50%, which is the same as most people who invest in the stock market pay, it would have a significant impact on lowering oil prices. The low margin requirement in the market means that the market is open to manipulation. There is absolutely no question about that. I have no problem with people investing in futures and commodities, but this is a ridiculously low margin. We must pursue this issue. The margin must be increased because the global economic effects are absolutely enormous and we must do everything we possibly can to reduce the price of oil globally."@en1
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