Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-10-25-Speech-4-378-000"
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"en.20121025.28.4-378-000"2
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"Mr President, ladies and gentlemen, we all know that shares losing almost their entire value in milliseconds, billions of dollars suddenly going up in smoke is not science fiction – unfortunately, this is the reality of today. Nowadays trading happens so fast that you cannot time it on a watch. The damage to national economies is huge. If we can still change something, we should try. Many citizens are sitting at home pondering the same question as I am: what possible economic benefit outweighs the huge risks of speculation? This development must be controlled as far as it is within our power to do so. This was one of the reasons for revising the directive.
The solutions put forward by the Committee on Economic and Monetary Affairs are minimum holding periods for trade, higher fees for too many cancelled orders, new capacity controls on the system and emergency provisions, e.g. the possibility of an EU-wide trading suspension. Through this planned legislation we will do something do curb these kinds of risks to the national economies.
What about consumers? What do they actually get out of our regulations? The directive should not only control high-frequency trading but also protect private investors better in the future. What investor has not had the feeling that he or she is being pushed by his or her investment advisor towards a certain product which, in hindsight, is more beneficial to the advisor than to the customer? Hence my point that we must create more transparency: customers must be sufficiently and transparently informed about whether advice is given for remuneration and what fees are associated with it. Customers should in future receive a full account of costs and information on the entire spectrum of products. Furthermore, every product – old as well as new – should be examined each year to see if it is really in customers’ best interests.
That brings us to the subject of commissions. According to the committee, commissions should only be allowed if they are passed on to customers, are necessary to supply the product (e.g. taxes) or if customers are informed of the fees. Member States may at present decide for themselves whether commissions are totally banned. We do not need to regulate this across the EU."@en1
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