Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-09-23-Speech-2-328"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2003-09-23"^^xsd:date2
dcterms:Is Part Of	lp_eu:Investment services and regulated markets2
dcterms:Language	"de"^^xsd:language2
lpv:document identification number	"en.20030923.11.2-328"2
lpv:hasSubsequent	lp_eu:2003-09-23-Speech-2-3292
lpv:speaker	lp:Astrid Lulling2
lpv:spokenAs	member; EPP-ED (1999-09-16--2004-07-19)3 member; Committee on Women's Rights and Equal Opportunities (2002-01-17--2004-07-19)3 member; ECON (2002-01-17--2004-07-19)3 unknown; Parti chrétien social (1999-09-16--2004-07-19)3 substitute; AGRI (2002-01-17--2004-07-19)3 member; Members from the European Parliament to the Joint Parliamentary Assembly of the Agreement between the African, Caribbean and Pacific States and the European Union (ACP-EU) (2002-02-06--2004-07-19)3
lpv:translated text	"Mr President, the compromise that we agreed upon in the Committee on Economic and Monetary Affairs took a great deal of work and nerve for those involved. I would like to express my thanks to the rapporteur for her valuable work. Without her endurance and extreme patience we would not have achieved this compromise. I would, however, like to make a few clarifications on this matter. The Commission proposal provides for pre-trade and post-trade transparency. This is just as costly as it is superfluous and would prevent financial institutions from investing in internalisation. This would mean virtually no more competition, and the abnormal concentration rule, which various Member States really have at heart, would – as Mr Bourlanges has just made clear – be brought in through the back door. It is regrettable that pre-trade transparency is provided for despite this. This, Mr Bolkestein, is where I agree with the Commission that this should only apply to private customers and should not be extended to professional customers. It must, however, also be possible for internalised financial institutions to offer their customers better prices than those who give notice of them through pre-trade transparency. If the financial institutions concerned achieve this, then so much the better, it is in the interests of the customer. Various Members also want pre-trade transparency extended to loan bonds. I am against this, as the two markets are structured in very different ways. Shrewd football fans will not then be prevented from investing loan bonds into their favourite clubs without having to weigh up the risks and potential profits, as was the case in Italy. The proposal for the directive also requires financial institutions to get the go-ahead from customers when the order is to be executed. I think that this is excessive. The compromise as it was adopted in the Committee on Economic and Monetary Affairs goes a lot further than what was required to create a single market that functioned well for financial services. I regret to say that policy is the art of achieving. We are currently involved in the first reading and perhaps those who agreed with the rapporteur in her first version will come round and then perhaps we can find a better text than we have at this first reading."@en1

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