Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-07-10-Speech-2-078"
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"en.20070710.6.2-078"2
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"This past spring has been an appropriate time to discuss the future of financial services policy in the EU. Groundbreaking changes are afoot, both on the regulatory side and in the markets’ own development. Seldom has a week gone by without a significant development with direct impact on the functioning of European financial markets, and on how we, as legislators, should address them.
The growing number of marriages between stock exchanges is probably the most visible. As banks and other trading venues are attracting larger volumes of trade, it is only normal that exchanges seek to pool their strengths. The upgrade and modernisation of our trading infrastructure will benefit investors, and spur more innovation in financial instruments.
The big question now has to do with supervision. We should not approach this only from a worst-case-scenario viewpoint. It is true that there are legitimate concerns as regards the regulation of various private pools of capital. Nor is it yet clear what happens if and when something goes wrong. But for now, let us work towards a convergence of practices in the Level 3 committees. In the long-run, Parliament signals it is willing to see something more unified on the European supervisory scene."@en1
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