Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-03-29-Speech-4-314-687"
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"en.20120329.36.4-314-687"2
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"I endorse the new regulation on the over-the-counter derivatives, central counterparties and trade repositories. Derivatives are contracts that derive their value from price fluctuations on linked stocks, bonds, exchange or interest rates. These contracts, negotiated over the counter, were one of the main causes of the 2008-2009 financial crisis, with 80% traded bilaterally, off-exchange and with no clearing. By requiring all standardised derivates contracts to be centrally cleared, this regulation is a step forward in terms of transparency and stability in financial markets. It fills a regulatory gap and, after the recent agreement on the short-selling of credit default swaps, adds another brick to the wall of better financial regulation. All relevant information on derivative contracts will be reported to national and European authorities, thereby giving regulators a full picture of derivate markets traded both on- and off-exchange. I am disappointed that the Council refused the EP’s proposal to give a stronger role to the European Securities and Markets Authority (ESMA) in authorising clearing houses, but I would hope this could be revisited in the planned review after three years."@en1
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