Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-03-29-Speech-4-314-562"
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"en.20120329.36.4-314-562"2
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"According to recent studies, global spending on technology for managing over-the-counter (OTC) derivatives alone increased from a little more than USD 1 billion in 2008 to USD 3.5 billion in 2009. These instruments are negotiated between private counterparties on a numerical scale unimaginable until a few years ago, on mainframe systems capable of carrying out thousands of transactions on the international market in a few seconds. The entire derivatives market continues substantially to lack guarantees against the risks generated and the systemic repercussions on the world’s productive fabric, which have escalated dramatically with the crisis that broke out in 2008, with what are called undertakings for collective investment in securities (UCITS) as the main players. In line with the resolutions of the G20 in Pittsburgh (2009) and Toronto (2010), the regulation lays the foundations for governance of the system based on the principles of risk mitigation, greater transparency of the market and operator responsibility, built on the strengthening and reforming of central counterparties in accordance with the European Securities and Markets Authority (ESMA) guidelines. That is why I am voting in favour of the report on the regulation, which, moreover, enacts the principles adopted by this Parliament in its resolution of June 2010 on derivatives markets."@en1
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