Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-07-03-Speech-1-076"
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"en.20060703.14.1-076"2
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".
Mr President, although the Muscat report and the oral question we have accurately reflect my concerns about the developments, of the questions we have asked with regard to the developments in stock exchanges, Commissioner McCreevy has only really answered the first part of Question 2, namely whether we should infer from the silence surrounding these developments that you really think that this is only a matter for the shareholders. That is apparently your opinion, and I should like to stress that it is one that I do not share.
I think that you certainly cannot say that it is only a matter for the shareholders. There are many other stakeholders with major interests, including users of the stock exchanges, companies who are listed on them, private and institutional investors, as well as pension funds that invest via the stock exchanges, but also financial institutions that offer alternative investment routes have their own interests, and I am referring here to the investment banks with in-house dealerships offering alternative platforms, and the hedge funds.
I do not know whether you are familiar with the book by Mr Seifert, former CEO of the
. In it, he describes very accurately how hedge funds, based on other interests, have also exercised their shareholders’ rights within the battle surrounding the proposals which the
made at the time in an attempt to take over the London Stock Exchange. I do not know whether you read German, or whether a translation is now available, but it would be good to take on board the advice from somebody with first-hand experience in converting a stock exchange, which the users owned, to a listed company, and who can now also see the drawbacks of this pure shareholder’s mentality.
I think that you will need to focus more on the general interest that is at stake. As politicians, it is incumbent upon us to consider this public interest, and that is clearly a task at European, rather than just national, level. It is certainly not my intention to elicit from you the combination that would work best and whether it should be a European or transatlantic stock exchange. I do think, though, that it is up to the Commission to prescribe the conditions, and what is needed based on the interests of those other stakeholders, the users, of the European economy.
With regard to this transatlantic dimension, you have already stated that we should not adopt the rules of the United States. In that respect too, there are various experts, including Harvey Pitt and Callum McCarthy who indicate that this is certainly not that cut-and-dried. Accordingly, what we expect from the Commission is clear answers as to what the consequences are and how we can prevent this American influence from extending into possible constellations in Europe.
As a final remark further to the Muscat report, I should like to stress our proposal to set up a committee of wise men. I think that we need to bring about European supervision as a matter of desperate urgency. The stock exchanges are an example of a sector where that is very much needed. Similarly, the consolidation of financial institutions elsewhere demonstrates that we cannot afford to leave this matter to be dealt with at national level alone, because other interests would then come into play. Clearly, in this globalising economy, we urgently need a European outlook and European supervision, and it would be great if a committee of wise men were to advise you in this respect."@en1
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"Deutsche Börse"1
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