Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-10-25-Speech-4-362-000"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20121025.28.4-362-000"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spoken text |
"Mr President, I would like to thank the rapporteur and colleagues for all their hard work on this dossier. One of the most important areas of MiFID is that of the extension of transparency requirements to the non-equity markets. At a time of unprecedented low growth and economic hardship across Europe, I am very glad that all groups in the European Parliament have come together to give strong support to a text that facilitates and supports investment in the corporate bond markets and the government bond markets.
As banks are facing higher capita requirements, businesses need to look elsewhere to raise money and reduce their reliance on bank funding. The bond markets are the perfect place for this, but the market structure in Europe needs to support their needs and new transparency requirements need to be properly tailored to encourage investment. I think the European Parliament text does this and should inform the still on-going Council discussions in a similar way.
I am disappointed, however, that we have not yet managed to reach a political agreement to guarantee the highest possible level of investor protection for all consumers in the EU. While Member States will be allowed to ban all commissions and inducements, I think it is disappointing that the Socialist Group and others have chosen to protect bank business models over that of the end investors.
My own Member State and the Netherlands are already well on the way to implementing a full ban. I can only hope that other Member States will shortly follow. A common misconception is that MiFID is about high-frequency trading and food speculation. We have, however, spent a lot of time discussing investor protection and G20 commitments as well. We have included requirements about minimum tick sizes, circuit breakers, algorithm testing and audit trails, all of which I think put it in the necessary scrutiny measures which do not hinder technological innovation but give safeguards and should therefore give retail and long-term investors confidence that they are not being subjected to unfair practices in the market place.
I hope other groups will support me in the vote tomorrow for the introduction of a requirement to synch all business clocks to one standard. As basic as this sounds, the only way we can have a properly-integrated surveillance system for regulators and market participants in a consolidated tape is if everyone is working to the same clock. At its heart, MiFID is about creating a positive environment for investors, both large and small, and for the companies that need to raise money in our markets."@en1
|
| lpv:spokenAs | |
| lpv:unclassifiedMetadata | |
| lpv:videoURI |
Named graphs describing this resource:
The resource appears as object in 2 triples