Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-01-14-Speech-2-247"
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"en.20030114.7.2-247"2
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". – The Commission welcomes the European Parliament's timely and constructive response to its communication on clearing and settlement. In particular I should like to thank the rapporteur for his important report. The Commission will assess Parliament's response to its communication very carefully and will take into account the views expressed in that report.
The Commission shares the view expressed in the resolution that efficient clearing and settlement is vital for the proper and safe functioning of the European financial markets. In fact, as is often said with reason, clearing and settlement is the plumbing system of the securities markets, without which nothing works. The challenge that lies ahead for the Community institutions is to ensure – in cooperation with market participants, national regulatory authorities and national legislators – the elimination of all existing barriers to integration and lack of competition, which would make cross-border post-trade arrangements in the European Union inefficient. That is essential for our common goal to build an integrated EU capital market by 2005.
The Commission feels that we should encourage market-led approaches and solutions wherever possible. However, it is also true that major public policy concerns are at stake, such as the efficiency of the systems, costs, petition issues – namely open and non-discriminatory access and exclusivity agreements – interoperability of systems, and prudential and systemic safety. All these concerns need to be taken into account, and the rapporteur referred to a number of them.
Now that the initial consultation period has been completed, we at the Commission are in the process of digesting the responses to that consultation document and of defining our approach to clearing and settlement arrangements. The Commission now intends to issue a new communication which will set out clear policy orientations, something which, until now, we have not been able to do. That document will serve as a basis for a second round of consultation, possibly in the first half of this year. I look forward to having a further discussion with Parliament, hopefully with the same rapporteur, on that subject.
As in all future steps that we might want to take, we intend to proceed in close cooperation with the rapporteur, with Parliament and, in particular, with the Committee on Economic and Monetary Affairs."@en1
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