Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-10-25-Speech-4-364-000"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2012-10-25"^^xsd:date2
dcterms:Is Part Of	lp_eu:Markets in financial instruments and repeal of Directive 2004/39/EC - Markets in financial instruments and amendment of the EMIR Regulation on OTC derivatives, central counterparties and trade repositories (debate)2
dcterms:Language	"en"^^xsd:language2
lpv:document identification number	"en.20121025.28.4-364-000"2
lpv:hasSubsequent	lp_eu:2012-10-25-Speech-4-365-0002
lpv:speaker	lp:Roger Helmer2
lpv:spoken text	"Mr President, the UK is home to over 36% of the EU’s wholesale finance market. It dominates Europe’s financial OTC trading and has a central role in foreign exchange and interbank money. These two reports represent an attack on that position. Such detailed micro-regulation can only drive up costs and make OTC products less attractive. Europe’s regulators, who now control these matters, know this perfectly well, and that is why they are doing it. Driving trading back onto the exchanges is the means by which the European Union asserts its control and limits both criticism and independence. The Markets in Financial Instruments Directive (MiFID) report claims it wants to close loopholes. Its impact in the real world is likely to be the opposite. It forces traders to engage in an unceasing arms race with the regulators. Like water running downhill, trade moves to where it is most free. The EU’s ineptitude and parochialism, at the root of this approach to regulation, can only result in euro-sclerosis and euro-decline. Tragically, these reports are additional nails in the coffin of the City of London’s global position, and they have been deliberately engineered by Paris, Frankfurt and Berlin because they resent the City’s success."@en1
lpv:spokenAs	member; EFD (2012-03-05--2014-06-30)3 member; EMPL (2012-01-19--2014-06-30)3 substitute; ITRE (2012-03-29--2014-06-30)3 unknown; United Kingdom Independence Party (2012-06-18--2014-06-30)3 member; Delegation for relations with the Korean Peninsula (2009-09-16--2014-06-30)3 substitute; Delegation for relations with the countries of Southeast Asia and the Association of Southeast Asian Nations (ASEAN) (2012-03-29--2014-06-30)3 member; PETI (2012-01-19--2014-06-30)3
lpv:unclassifiedMetadata	"Roger Helmer,"1 "on behalf of the EFD Group"1
lpv:videoURI	<go to Events_and_structure europarl>2

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