Activities of Werner LANGEN related to 2010/2008(INI)
Plenary speeches (1)
Derivatives Markets: Future policy actions (short presentation)
Reports (1)
REPORT Report on derivatives markets: future policy actions PDF (199 KB) DOC (127 KB)
Amendments (13)
Amendment 110 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that, as regards regulation, a distinction must be made between derivatives to hedge firms’non-financial market transactions and pure financial market derivatives and criteria laid down to determine the category into which a derivative falls; considers that individual derivatives will continue to be necessary for the hedging of business activities;
Amendment 111 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that, as regards regulation, a distinction must be made between derivatives to hedge firms’non-financial transactions and pure financial market derivatives and believes that this is hampered by a shortage of information and specific figures regarding OTC transactions;
Amendment 147 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Insists that neitherCCPs must CCPsnot be organised wholly by users, nor mus and that their risk management systems must not be in competition with each other, while regulatory arrangements for clearing costs must be envisaged; calls on the Commission to address these concerns in its legislative proposal and to set strict requirements for clearing houses;
Amendment 154 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Backs the introduction of repositories for all trades and positions not exchange- clearedcleared via CCPs or by exchanges and calls for trade repositories to be regulated and supervised under ESMA direction of the ESMA, still in the process of being set up; calls, furthermore, for the ESMA to have supreme decision-making authority in disputes and for a uniform interpretation in the Member States, with binding procedural rules established to prevent distortions of competition;
Amendment 165 #
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Calls for the compulsory use of central counterparty clearing houses (CCPs) in cases in which the trading of standardised derivatives on organised markets is not possible;
Amendment 171 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Considers careful clarification of all technical details to be necessary, in particular as regards standards and the distinction between financial market products and non-financial market products, and welcomes the fact that the Commission has already addressed this issue; calls on the Commission to involve the Council and Parliament at an early stage;
Amendment 172 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Considers careful clarification of all technical details to be necessary, in close cooperation with national regulators;
Amendment 182 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Believes that the definition of derivative categories, the creation of CCPs, the transparency register, capital charges, the setting-up of independent trading venues or use of existing exchanges, the exemptions for SMEs and all technical details should be decided in close cooperation with national regulators, international institutions and the future European supervisory authority, the ESMA;
Amendment 183 #
Motion for a resolution
Paragraph 12 b (new)
Paragraph 12 b (new)
12b. Calls, therefore, for clear rules of conduct and the necessary compulsory standards as regards the setting-up (involvement of users) of CCPs and the decision-making procedures and risk management systems used by them; supports the Commission in its intention to propose a regulation governing clearing houses;
Amendment 189 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Assumes that, in the legislative proposal, the Commission will make bilateral clearing for non-financial institutionfirms possible on the basis of an understandable risk assessment in future, too, if graduated capital charges for financial institutions are ensured and notes in this connection that, depending on the trading volume of the derivatives contract, thresholds should be considered, beyond which central clearing is required;
Amendment 190 #
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Calls for derivatives that do not meet the requirements of IFRS 39 and were therefore not assessed by an auditor to be subject to central clearing by a CCP once they exceed a threshold to be determined by the Commission; calls, furthermore, for the purposes of ensuring a clearer distinction, for checks to be carried out involving the submission of an independent assessment of OTC derivatives contracts by an auditor to ascertain whether a non-financial institution can continue to conclude bilateral contracts;
Amendment 214 #
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Calls for a ban on CDS transactions with no underlying credit and which are purely speculative transactions involving bets on credit defaults, thereby leading to an artificial rise in the cost of credit default insurance and, consequently, to increased systemic risks through actual credit defaults; calls, as a minimum, for longer holding periods in the case of short sales of securities and derivatives; calls on the Commission to consider upper risk limits for derivatives, and for CDSs in particular, and to agree them with international partners;
Amendment 254 #
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Notes that for trading commodities and agricultural products, but also greenhouse gas emission allowances, it must be ensured that the market operates transparently and speculation is curbed; calls in this regard for upper risk limits to be considered for individual products.