Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-03-29-Speech-4-315-500"
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"en.20120329.36.4-315-500"2
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"Today, the European Parliament adopted the interinstitutional political agreement on the proposal for a regulation aimed at providing a framework for derivative products. This is one of the cornerstones of Europe’s financial regulations in the wake of the 2008 financial crisis. According to the Bank for International Settlements, the derivatives market was worth more than USD 700 000 billion in 2011, the lion’s share represented by foreign exchange derivatives, interest rate derivatives and issuer default risk contracts. The future regulation, which will enter into force at the end of 2012, aims to shed light on this market, where products have, to date, been traded primarily over the counter, thereby lacking any transparency. It requires the vast majority of standardised derivatives to be cleared in central clearing houses. All transactions involving derivatives, irrespective of whether they are carried out via regulated platforms or over the counter, will have to be reported to national registers, to which the national and European supervisors will have access. This information will be published. With these rules, the EP hopes that many of these products will be more expensive for the companies that use them and less profitable for the banks."@en1
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