Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-04-Speech-1-042-000"
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"en.20110704.19.1-042-000"2
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"Madam President, considering that the entirely unregulated trading of derivatives was quite obviously one of the factors behind the credit crunch, I believe that this proposed regulation is vital if we are to avoid such crises in the future. The fact that derivatives lack transparency means that the nature and extent of risk cannot be identified, posing a threat to financial stability and society as a whole. In this regard, the establishment of the European Securities and Markets Authority (ESMA) and its role in assessing which derivatives will be subject to clearing are important issues. It is necessary to continue supporting the operations of this institution because they reduce systemic risk to the financial system, including the potential insolvency of closely interlinked parties. All the same, Commissioner, I would urge the Commission to pay special attention in this context to trading carried out by financial institutions on the commodity markets. The involvement of financiers now looks unhealthy, according to all the evidence, and the Commission would do well to consider whether participation in commodity exchanges should be limited to physical traders."@en1
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