Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-04-Speech-1-038-000"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2011-07-04"^^xsd:date2
dcterms:Is Part Of	lp_eu:Derivatives, central counterparties and trade repositories (debate)2
dcterms:Language	"hu"^^xsd:language2
lpv:document identification number	"en.20110704.19.1-038-000"2
lpv:hasSubsequent	lp_eu:2011-07-04-Speech-1-039-0002
lpv:speaker	lp:Ildikó Gáll-pelcz2
lpv:spokenAs	member_of_the_bureau; EPP (2010-11-16--2014-06-30)3 substitute; Delegation for relations with Japan (2010-06-30--2014-06-30)3 substitute; EMPL (2010-09-28--2011-12-13)3 member; Special Committee on the Financial, Economic and Social Crisis (2010-10-06--2011-07-31)3 member; ECON (2010-10-06--2012-01-18)3 unknown; Fidesz-Magyar Polgári Szövetség-Keresztény Demokrata Néppárt (2010-06-02--2014-06-30)3 member; Delegation to the EU-Croatia Joint Parliamentary Committee (2010-07-05--2013-06-30)3
lpv:translated text	"Madam President, I would like to thank Mr Langen for the immense work he has done while preparing this report. I agree that the strict and unified regulation of over-the-counter (OTC) derivatives is a pressing issue, especially after the successful creation of European financial monitoring systems. Indeed, I would go a step further and venture to say that the execution of these transactions must be regulated in a way transparent to all institutions, national authorities or financial actors carrying out monitoring based on unified provisions. According to the Commission proposal, it will be mandatory to report trading with OTC derivatives, and the clearing of transactions will be completed with the involvement of central counterparties. The provisions on additional capital requirements are unavoidable, because we cannot allow the potential practice that sees banks pocket the profit by putting money into high-risk investments, and possibly create their capital from depositors’ money. We can agree with the proposal of the Commission, which touches on the US regulations in many areas. However, it would be worth considering whose responsibility it should be to report to trade repositories. Should it be the responsibility of counterparties, or would it be more efficient if reporting was done by the central counterparty? The question is, where would these trade repositories be and how would they be structured? We could consider a solution which would create a system similar to that of the lobby registry, summarising the data reported to trade repositories in a harmonised system under unified standards. It would be great if we could realise this in Europe. The same principle could be applied to the re-registration of central counterparties, as well. I think it would be appropriate and important to come to an agreement at first reading on this important issue."@en1
lpv:videoURI	<go to Events_and_structure europarl>2

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