Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-03-29-Speech-4-314-750"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20120329.36.4-314-750"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spokenAs | |
| lpv:translated text |
"Since over-the-counter (OTC) derivatives are negotiated directly between the parties and not traded on the financial markets, the competent authorities find it difficult to control these instruments. Given the lack of legislation on this matter, the need for regulation is pressing. I consider that derivatives, if used properly as a means of insurance, contribute to growth and global economic stability, but the recent financial crisis has made the risks underlying that market evident, and the danger is that a single operator’s insolvency may trigger a chain reaction throughout the entire system. This regulation contributes to financial stability by introducing mandatory central clearing for the majority of contracts, making capital requirements more stringent for those contracts that do not fall within that category, guaranteeing greater dialogue between the national competent authorities and ESMA, and requiring greater transparency from all counterparties. The approach that has been adopted is, moreover, consonant with the guidelines laid down by the G20 as regards financial stability. Consequently, and in the conviction that the new measures represent a significant step towards a financial market that is more sound and serves the real economy, I voted in favour of the regulation on OTC derivatives, central counterparties and trade repositories (EMIR)."@en1
|
Named graphs describing this resource:
The resource appears as object in 2 triples