Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-04-Speech-1-037-000"
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"en.20110704.19.1-037-000"2
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"Madam President, today we are debating the further measures initiated as a result of the experience of the global economic crisis. It is probably wise to attempt to monitor the over-the-counter (OTC) derivatives market, and, where appropriate, to adopt the necessary regulations in respect of excessive behaviour. As with other rules adopted at European level, however, we need to ensure, in attempting to impose the greatest possible level of administration, that there is no detrimental effect on well-functioning mechanisms that are in fact very helpful for fast-moving commercial relations which do not involve any basic risk.
Financial instruments, especially those used in the energy sector, are mostly not linked to speculation, but to real business interests and covering against risk. The new rules on OTC derivatives in the energy sector are intended to help increase stability and transparency on financial markets, while at the same time avoiding cost increases and higher prices for end users. This also means that the obligations imposed by the new rules should apply only to future contracts. I am very much in favour of ensuring that all of these procedures are simplified."@en1
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