16 Amendments of Wolf KLINZ related to 2010/2008(INI)
Amendment 15 #
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas the huge growth in the trading volume over the past few years has led to an increased assumption of risk without actual investment in the underlying instrument and, consequently, to substantial leverage,
Amendment 20 #
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 and a lack of transparency,
Amendment 34 #
Motion for a resolution
Recital F
Recital F
F. whereas Parliament welcomes the Commission’s paradigm shift towards greater regulation of derivatives markets; having regard to the decades-old misjudgment that derivatives need very little regulation chiefly because they are used by experts and specialists,
Amendment 42 #
Motion for a resolution
Recital G
Recital G
G. whereas most derivatives used by firms involve no systemic risk, and, for the most part, serve merely to hedge real transactions,
Amendment 48 #
Motion for a resolution
Recital H a (new)
Recital H a (new)
Ha. whereas minimum standards must also be guaranteed as regards tailor-made contracts, in particular where the collateralisation of derivatives and capital requirements are concerned,
Amendment 49 #
Motion for a resolution
Recital I
Recital I
Amendment 68 #
Motion for a resolution
Recital I a (new)
Recital I a (new)
Ia. whereas all the announced measures will involve close and comprehensive cooperation with the G20 countries and the US authorities, in order to prevent regulatory arbitrage opportunities between countries wherever possible and to foster the exchange of information,
Amendment 75 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the Commission’s initiative for better regulation of derivatives, and in particular OTC derivatives, and backs the calls for standardisation ofto reduce the impact of the risks in the OTC derivatives markets on the stability of financial markets as a whole and backs the calls for the use in future of standardised derivatives contracts, the establishmentuse of trade repositories and centralised data storage, the strengthening of central clearing houses and the extensive use of organised trading venues;
Amendment 99 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Backs the call for the compulsory introduction of independent clearing between financial institutions for all standardisabled derivatives, so as to ensure better assessment of counterparty credit risk, and backs the aim of trading as many standardised derivatives as possible, in future, on organised markets;
Amendment 101 #
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Considers that the storage of data such as the number and volume of transactions can increase the transparency for regulators, thus improving the operational oversight of OTC derivatives markets;
Amendment 107 #
Motion for a resolution
Paragraph 4
Paragraph 4
Amendment 120 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Notes that company-specific risks require tailor-made derivatives that can act as efficient risk management instruments adapted to individual needs;
Amendment 168 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Calls on the Commission to develop measures to ensure that regulators are able to set position limits to counter disproportionate price movements or speculative bubbles;
Amendment 170 #
Motion for a resolution
Paragraph 10 b (new)
Paragraph 10 b (new)
10b. Calls on the Commission to make provision in its legislative proposal for interoperability between clearing houses;
Amendment 203 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls, as a matter of priority, for credit default swaps to be made subject to independent central clearing and, if necessary, checked to establish whether for as many different types of derivatives as possible to be settled centrally by CCPs; believes that individual types of derivative with cumulative risks should, if necessary, only be conditionally authorised or even, on a case- by-case basis, prohibited;
Amendment 221 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Is of the view that high-risk derivatives from non-financial institutions must also be regulated despite accounting, according to the market analyses to hand, for a small proportion of the total;