Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-05-Speech-2-412-500"
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"en.20110705.34.2-412-500"2
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"Derivatives played an important role in the financial crisis. In Pittsburgh the Group of Twenty (G-20) committed to regulate over-the-counter (OTC) derivatives, that is to say derivatives outside market regulation, before 2013. It is essential to do so in order to understand and reduce their systemic risk. The broad agreement reached in the Committee on Economic and Monetary Affairs is a result of the good work done by Mr Langen and the shadow rapporteurs. The establishment of trade repositories and clearing houses, the implementation of risk management techniques and the strengthening of European supervision will ensure better transparency and security as well as more effective supervision in the area of OTC derivatives. My amendments attempted to enhance the content of the agreement and strengthen stability at a global level, taking into account the United States’ Dodd-Frank Wall Street Reform and Consumer Protection Act. I thank the rapporteur for including them, thus ensuring the widening of the regulation’s scope, more stringent requirements for clearing houses, the imposition of record-keeping and reporting obligations on financial counterparties, and the clarification of the supervisory authorities’ role in the new European architecture. I hope that the deferment of the vote on the legislative resolution will allow an agreement to be reached with the Council, under the Polish Presidency, at first reading."@en1
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