Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-10-25-Speech-4-353-000"
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"en.20121025.28.4-353-000"2
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"Mr President, Commissioner, ladies and gentlemen, I think that, through today’s debate on the proposal for a directive of the European Parliament and of the Council on markets in financial instruments, we have advanced into the core area for financial market regulation within this legislative period; now we need to regulate the financial markets and not just look at individual products, as we did in the past.
I just want to pick out a few key terms. In the last year we have not made life easy for ourselves. We have conducted a hearing in committee, we have surveyed all the stakeholders and every interested group, and on this basis, through various processes, working documents and the like, produced a result which we are setting before this plenary session here today and tomorrow. I will take a few points from it.
Firstly, market structure. On the one hand, we must concede that in recent years something has happened in the financial markets which has made it in Parliament’s interest that each trade in securities takes place under the MiFID rules, which is why we have approved a new category – bounded by many conditions – called Organised Trading Facilities, where only non-equities can be traded, where proprietary trading is forbidden and where, with regard to execution, transaction and customer interaction, execution may take place at the operator’s discretion. Through this process I think that we are making an important contribution to ensuring that the entire area of traded OTC papers is handled within the MiFID environment.
Another major subject not considered in the last MiFID is algorithmic or high-frequency trading. Once again, we needed to issue clear rules here, so that these areas, which can be very dangerous and can be manipulatively employed, is subject to a strict system with minimum holding periods, trade interruption opportunities, the option to test algorithms, the option of examining algorithms within the supervisory structure, the introduction of tick-size regimes, a minimum price, and corresponding fee systems.
Another subject I would like to touch on is the area of commodities futures markets. I do believe that we have a particular responsibility here, when it comes to restricting the speculative part of commodities futures markets, not to contribute through bad regulation to a situation where people in the third and fourth worlds can no longer buy food. Because of this, we have chosen a two-pronged approach with the aim of curbing speculation but not thereby damaging the real economy. We want to achieve this by using position limits with strict ceilings on the number of contracts or positions. We also want to ensure, by means of the position-check system, that those who can prove that they really need a product do not suddenly speculate in this market.
Another issue that concerns us is the area of investor protection. I would like to point out here that we have chosen a very broad approach in guaranteeing protection for consumers and investors. This means that the requirements of specific customer groups need to be identified. Not every small saver needs access to highly complex papers. What is needed is to define the relevant products for target groups, carry out product testing, make telephone recordings, give relevant advice, disclosure requirements, but – I want to briefly mention – to proceed, with regard to commissions, in accordance with the principle of subsidiarity. Member States should be able, according to their structures, to make relevant accommodations. I think we are on the right track here.
My time is running out, so I thank everyone who has been involved. I think it is a shame that we only have four minutes’ speaking time for such a complex report. I thank all my colleagues who collaborated on this and the Commission for the very constructive role it has played in recent weeks and months. I hope that a strong vote in the plenary session tomorrow will put us in a situation to negotiate with the Council in order to resolve this important report as soon as possible."@en1
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