Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-05-Speech-2-410-500"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2011-07-05"^^xsd:date2
dcterms:Is Part Of	lp_eu:Explanations of vote2
dcterms:Language	"pt"^^xsd:language2
lpv:document identification number	"en.20110705.34.2-410-500"2
lpv:hasSubsequent	lp_eu:2011-07-05-Speech-2-410-7502
lpv:speaker	lp:Miguel Portas2
lpv:spokenAs	member_of_the_bureau; EUL/NGL (2009-07-14--2012-01-22)3 member; Delegation for relations with the Maghreb countries and the Arab Maghreb Union (2009-09-16--2012-04-24)3 substitute; Delegation for relations with Iran (2009-09-16--2012-04-24)3 vice-chair; Special Committee on the Financial, Economic and Social Crisis (2009-10-15--2011-07-31)3 substitute; Delegation for relations with the Mashreq countries (2009-09-16--2012-04-24)3 substitute; ECON (2009-07-16--2012-01-18)3 unknown; Bloco de Esquerda (2009-07-14--2012-04-24)3 member; BUDG (2009-07-16--2012-01-18)3 member; Delegation for relations with Iraq (2009-09-16--2012-04-24)3
lpv:translated text	"Over-the-counter (OTC) derivatives are privately negotiated contracts and any information concerning them is usually only available to the contracting parties. Their complex web of interdependence makes it difficult to identify the nature and level of risks involved. The absence of regulation on these financial instruments has contributed to the financial crisis and its economic and social consequences. This proposal aims, albeit in a limited way, to improve the transparency and risk management of OTC derivatives, laying out rules on the clearing obligation and reporting. The mandatory reporting of financial transactions is, moreover, an indispensable precondition for their taxation in future. For these reasons I voted for this report."@en1

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