Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-06-15-Speech-2-925"
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"en.20100615.24.2-925"2
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"I welcome the deployment of the European institutions to ensure the greatest possible efficiency, security and soundness in derivatives markets, in recognition of its importance for the sustainability of economic development, along with the need to ensure the regulation and verification of procedures and negotiations related to the transaction or commercialisation of these financial instruments. Given the size of the derivatives market and its impact on the global economy, as has become evident in the current economic and financial crisis – and the exponential rise of the risk component in the global market – I believe that ensuring transparency is crucial. This is vital not only for effective supervision of the markets, but also for clear, concise and complete reporting standards. The ‘credit default swaps’ from sovereign issuers used by financial speculators have led to unjustified levels of diverse national ‘spreads’. This highlights the need for transparency in the market and enhanced European regulations concerning the negotiation of ‘credit default swaps’, particularly those related to sovereign debt. It is to be hoped that future legislation will bring not only transparency to the derivatives markets but also sound legislation. I would like to stress that the cost of future market infrastructures should be borne by those involved in the market, not by taxpayers."@en1
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