Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-03-29-Speech-4-317-992"
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"en.20120329.36.4-317-992"2
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"The European market infrastructure regulation (EMIR) that we have voted overwhelmingly in favour of today is a crucial step not just in fulfilling our international obligations as agreed at the G20 Pittsburgh Summit, but also in ensuring that we have learned one of the crucial lessons of the crisis. Over-the-counter (OTC) derivatives are more than an integral part of the modern financial system: they play a crucial role in the functioning of an efficient and competitive market. The final agreement on the regulation has taken into account key ECR concerns, including allowing for strong exemptions for non-financial players and appropriate treatment of pension funds. It has also provided for the key ECR objective of international convergence on exemptions for the FX derivatives markets that are so important for the functioning of global financial markets. I am confident that the system, if implemented correctly by ESMA, will enable our financial services industry to work well for participants at all levels, while at the same time ensuring the system security which was so lacking in the events of 2007-2008."@en1
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