Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-07-03-Speech-1-084"
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"en.20060703.14.1-084"2
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"Mr President, many colleagues have already asked what we are doing today in discussing stock exchange mergers in Europe. Of course it is not for the European Parliament to decide on the kinds of mergers that can occur and the kind of activity on the market. It is also up to the Commission to make judgements on whether the Euronext-Frankfurt Börse merger is better than the transatlantic one. We need to look at the kinds of opportunities the transatlantic merger might give us, especially in terms of the transatlantic financial services dialogue which, I think, has been the most fruitful example of what we can do together if we really cooperate with the US SCC.
I want to congratulate the Commissioner on the amount of progress made. I think if the market forces decide that we will have a transatlantic stock exchange, that will be a huge opportunity for regulatory convergence. It is not about extra-territorial Sarbanes Oxley rules coming to Europe; the point is also that we can put forward our strategic models, our very good technological platforms and put them to very effective use in the US.
We have been negotiating, for example, about the issue of electronic trading screens in the GATS negotiations. We have been trying to get our trading screens to US stock markets and vice versa, but this has not happened. That kind of transatlantic stock exchange merger would be a huge opportunity for regulatory convergence and allow the job that has been done so well to continue in the future."@en1
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