Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-04-Speech-1-033-000"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2011-07-04"^^xsd:date2
dcterms:Is Part Of	lp_eu:Derivatives, central counterparties and trade repositories (debate)2
dcterms:Language	"it"^^xsd:language2
lpv:document identification number	"en.20110704.19.1-033-000"2
lpv:hasSubsequent	lp_eu:2011-07-04-Speech-1-034-0002
lpv:speaker	lp:Claudio Morganti2
lpv:spokenAs	member; Delegation to the EU-Mexico Joint Parliamentary Committee (2009-09-16--2014-06-30)3 member; Delegation to the Euro-Latin American Parliamentary Assembly (2009-09-16--2014-06-30)3 unknown; Lega Nord (2009-07-14--2013-11-04)3 member; BUDG (2009-07-16--2012-01-18)3 substitute; Delegation to the ACP-EU Joint Parliamentary Assembly (2011-03-01--2013-09-29)3 member; EFD (2009-07-14--2014-06-30)3 substitute; ECON (2009-07-16--2012-01-18)3
lpv:translated text	"Mr President, ladies and gentlemen, over-the-counter derivatives have been portrayed as representing a sort of uncontrolled jungle without rules, in which speculators and fraudsters have operated undisturbed. This report seems to bring a bit of clarity to the sector, starting with the storage of trading data, lifting the veil of darkness that until now has been present in the market. The requirement for central counterparty clearing is undoubtedly useful to prevent risks and promote the overall stability of the financial system. However, it is a good thing to exempt non-financial companies from this requirement – truly productive ones, I mean – as they can have recourse to derivatives to hedge specific risks, for example those linked to changes in exchange rates. The European Securities and Markets Authority (ESMA) should also play a decisive role. We hope that it proves equal to the task and does not turn out instead to be just a bureaucratic European superstructure. This report fits into a context of a broad international review of the sector, following common guidelines. The financial markets are one of the most interconnected things that exist at a global level and it is therefore necessary to act in as concordant a climate as possible. For the same reason I think that, for example, the introduction of a tax on financial transactions at an EU level only would be difficult. I am of the view that good regulation, the most extensive regulation possible, of the entire financial sector will work better and certainly be more useful than possible new taxes."@en1
lpv:videoURI	<go to Events_and_structure europarl>2

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