18 Amendments of Pervenche BERÈS related to 2010/2008(INI)
Amendment 4 #
Motion for a resolution
Recital A
Recital A
A. whereas derivatives play a largely useful role inhave led to an opaque and uncontrolled spreading of risks in the economy, butas epitomized by the AIG case, and differ considerably with regard to risk, operational arrangements and market participants,
Amendment 21 #
Motion for a resolution
Recital E
Recital E
E. whereas OTC derivatives have become increasingly complex and counterparty credit risk has not been correctly assessed and priced, and whereas there are considerable weaknesses in how derivative markets are organised, thus calling for further standardisation in the legal conditions and economic characteristics of instruments,
Amendment 52 #
Motion for a resolution
Recital I
Recital I
I. whereas, as a rule, non-financial institutions’ interest rate, foreign-exchange and commodity contract certain OTC derivatives products that are not extensively used by non-financial institutions need no additional regulation,
Amendment 57 #
Motion for a resolution
Recital I a (new)
Recital I a (new)
Ia. whereas the latest events involving the sale of OTC derivatives to local governments and the dealings with sovereign Credit Default Swaps reinforce the need for financial stability and market transparency to be primary goals for the drafting of legislation by the European regulator,
Amendment 65 #
Motion for a resolution
Recital I b (new)
Recital I b (new)
Ib. whereas systemic risk associated with clearing houses is very likely to be considerable and growing,
Amendment 71 #
Motion for a resolution
Recital I c (new)
Recital I c (new)
Ic. whereas the blatant lack of information is an obstacle to a thorough assessment of the interaction between sovereign CDSs and underlying bond markets in the current Greek situation, whereas this calls for very strong guarantees in terms of access to comprehensive information and empowerment of supervisors so that they can react to diverse and unexpected situations,
Amendment 74 #
Motion for a resolution
Recital I d (new)
Recital I d (new)
Id. whereas unfettered access to information on transactions is essential for market and prudential supervision,
Amendment 81 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Supports a strong EU regime for the whole chain of post-market infrastructures covering all types of financial instruments: trade repositories, central clearing houses as well as central securities depositories, which ensure secure reconciliation of all transactions;
Amendment 85 #
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Calls for more transparency on pre- trade transactions for all instruments that qualify for the extensive use of organised trading venues as well as for increased post-trade trade transparency through reporting of all transactions to repositories, to the benefit of both regulators and investors;
Amendment 92 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Backs the call for the compulsory introduction of independent clearingCCP clearing independent from key market participants or risk takers between financial institutions for all standardisedzable derivatives, so as to ensure better assessment of counterparty credit risk, and backs the aim ofsupports trading as many standardised derivatives as possible, in future, on organised marketstrading venues as defined in MiFID;
Amendment 130 #
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Calls for EU financial institutions to comply with clearing and reporting requirements in clearing houses and repositories located, authorized and supervised in the EU;
Amendment 135 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Backs the Commission in its intention to confer responsibilities for authorising European and third-country clearing houses on the European Securities and Markets Authority (ESMA) and see considerable legitimacy in their supervision by this same Authority, inter alia pooling of supervisory expertise in one body and the fact that the risk associated with a CCP will be crossborder, chiefly aligned with the perimeter of financial institutions participating in the CCP;
Amendment 159 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Backs the introduction of repositories for all trades and positions not exchange- CCP-cleared and calls for trade repositories to be regulated and supervised under EMSMA direction;
Amendment 199 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls, as a matter of priority, for OTC derivatives in general and credit default swaps in particular to be made subject to independent central clearing and, if necessary, checked to establish whether individual types of derivative with cumulative risks should only be conditionally authorised or even, on a case-by-case basis, prohibitedCCP clearing independent from key market participants or risk takers;
Amendment 209 #
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Calls for the European Commission to come forward with appropriate legislative proposals to regulate the financial transactions involving naked selling of derivatives in order to ensure financial stability and transparency of prices. Pending that, credit-default swaps (CDSs) ought to be processed through a European CCP to mitigate the counterparty risks, increase transparency and reduce the overall risks;
Amendment 225 #
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
Amendment 233 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. NCalls for enabling the ESMA and the competent authorities with a wide range of powers to effectively tackle dysfunctions in derivatives markets, e.g. banning naked selling of CDS or requiring physical settlement of derivatives and setting position limits to avoid undue concentration of dealers on some market segments; in particular, notes that for trading commodities and agricultural products, but also greenhouse gas emission allowances, it must be ensured that that market operates transparently in order to stem speculation and avoid undue volatility;
Amendment 238 #
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Calls for any future legislative proposal on derivatives markets to follow a functional approach by which similar activities are subject to the same or similar rules;