Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-06-15-Speech-2-311"
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"en.20100615.24.2-311"2
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"Instead of proposing the end of the derivatives market, the majority in Parliament have restricted themselves to defending the ban on speculative trading of credit default swaps (CDS) of sovereign debt. They urge the Commission to consider maximum risk limits for derivatives, particularly CDS, and to establish an agreement on them with its international partners. However, from what has been stated, the Commission can only present its proposal on derivates markets in September, and Parliament will legislate upon it on an equal footing with the Council.
All this waiting is unfortunate when you watch the dramatic rises in interest rates that are implicit in the obligations of sovereign issuers in some euro area countries to unsustainable levels, knowing the negative effect that CDS have had on the whole process. We cannot continue to allow speculative securities based on sovereign debt.
It is true that Parliament has advocated a ban on CDS – which are purely speculative transactions involving bets on the debtor’s breach – today, but then it limited itself to requesting longer terms of imprisonment in the case of short sales of securities and derivatives. As far as we are concerned, therefore, we gave our support to the positive proposals, but we are against the backward position and the huge delay in regulating capital markets."@en1
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