Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-04-Speech-1-081-000"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2011-07-04"^^xsd:date2
dcterms:Is Part Of	lp_eu:Short selling and certain aspects of credit default swaps (debate)2
dcterms:Language	"de"^^xsd:language2
lpv:document identification number	"en.20110704.21.1-081-000"2
lpv:hasSubsequent	lp_eu:2011-07-04-Speech-1-082-0002
lpv:speaker	lp:Wolf Klinz2
lpv:spokenAs	member; Conference of Committee Chairs (2009-10-15--2011-07-31)3 member; Delegation for relations with the countries of Southeast Asia and the Association of Southeast Asian Nations (ASEAN) (2009-09-16--2014-06-30)3 member; ALDE (2009-07-14--2014-06-30)3 substitute; DEVE (2009-07-16--2011-10-25)3 unknown; Freie Demokratische Partei (2009-07-14--2014-06-30)3 member; ECON (2009-07-16--2012-01-18)3 vice-chair; Delegation for relations with Canada (2009-09-29--2014-06-30)3 chair; Special Committee on the Financial, Economic and Social Crisis (2009-10-15--2011-07-31)3
lpv:translated text	"Mr President, ladies and gentlemen, we do not know precisely what role short selling or naked short selling played in the bankruptcies of Merrill Lynch and Lehman Brothers, but we do know that they made at least a substantial contribution to the collapse of these institutions. Claiming that naked short selling is useful for the market is as hard to prove as saying that it will be the end of the world if we do not prohibit it. We are dealing here with a highly complex, extremely technical area and I would not dare to claim that one thing or another was definitely right. However, it seems to me absurd to want to sell something that you do not even have, and moreover to want to do this on a speculative basis. It goes against my basic understanding of how one should behave in business. If I do not have the title to something then it is difficult for me to offer it for sale. Whether this is genuinely useful for the market is something that I am not in a position to judge. Perhaps it is – but my instinct suggests it is not. I would therefore suggest that we should deal with it by saying that shares, debt instruments and credit default swaps (CDSs) can only be offered for sale if you either hold the title or – if you do not hold the title – a loan agreement has been concluded or at least an agreement that says that the title will be available the next day or in a certain number of days’ time if the transaction is actually concluded and settled, so that no risk arises. I thought that the Council and Parliament had already agreed on this when they agreed the intraday rule. I regret to say that the Council has since moved away from this position, and I hope that it may find its way back to it. One thing is certain: in the final event, these are international transactions and it is therefore important for us to have very clear supervisory rules. It seems to me that the recently established European Securities and Markets Authority (ESMA) is the ideal institution to have a sole mandate to intervene in serious cases and to establish what needs to be prohibited, what needs at least to be recorded, where we need a repository, where we need a reporting requirement and so on. In this respect we have an ideal opportunity to use ESMA productively."@en1
lpv:videoURI	<go to Events_and_structure europarl>2

Named graphs describing this resource:

The resource appears as object in 2 triples

Context graph