Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-10-25-Speech-4-367-000"
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"en.20121025.28.4-367-000"2
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"Mr President, Commissioner, Parliament will, in adopting Mr Ferber’s report, draw important lessons from MiFID I by adopting a text that ensures that almost all financial transactions will have to take place on regulated venues. That is the meaning we must give this text. High-frequency trading, a technique allowing a large number of orders to be executed in a few milliseconds, will now be highly constrained.
The crisis has brought to light the abusive practices linked to the use of high-frequency trading by some financial players, disrupting the functioning of financial markets to obtain considerable profits. The position adopted by Parliament is a move in the right direction by discouraging use of this practice; it will help to put finance back where it belongs, that is to say, serving the real economy and long-term investment.
With this report, Parliament also wishes to tackle food speculation, which can be devastating for entire populations, by introducing position limits for the various players operating on trading venues.
The destabilising effects of commodity speculation are increasingly clear, particularly on foodstuff markets. With this in mind, the proposals adopted today are a first step in the right direction, insofar as they impose limits on positions that may be taken by those operating on trading venues.
This report also allows us to take a significant step forward: the European Securities and Markets Authority (ESMA) will be able to intervene to prohibit the sale of certain financial products acknowledged as toxic to the economy.
In conclusion, I would like to talk about an important point linking the discussion on MiFID I and the text we are going to adopt here. When considering MiFID I, Parliament’s main contribution concerned, the issue of advice that investors, particularly small investors, must be given when undertaking an investment. Financing conditions for such advice remain a point of discussion on which we must provide clarity to ensure that everyone, irrespective of income, may access such advice on terms that are transparent and actually enable them to invest on an informed basis."@en1
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