27 Amendments of Leonardo DOMENICI related to 2010/2008(INI)
Amendment 11 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas the basis for international cooperation should be established in order to handle internationally traded derivatives so as to achieve international standards and information sharing arrangements between CCPs as a minimum,
Amendment 13 #
Motion for a resolution
Recital D
Recital D
Amendment 56 #
Motion for a resolution
Recital I
Recital I
I. whereas, as a rule, non-financial institutions’ interest rate, foreign-exchange and commodity contracts need no additional regulation, but such measures cannot be ruled out in future,
Amendment 61 #
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;
Amendment 62 #
Motion for a resolution
Recital I a (new)
Recital I a (new)
Ia. whereas derivatives speculation has had serious social consequences, in particular with regard to agricultural products; whereas speculation with credit default swaps has had grave economic consequences for some Member States of the euro area,
Amendment 69 #
Motion for a resolution
Recital I b (new)
Recital I b (new)
Ib. whereas derivatives prices should adequately correspond to risk and the cost of the future market infrastructure should be borne by market participants,
Amendment 94 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Backs the call for the compulsory introduction of independent clearingCCP clearing, independent from key markets participants and risk takers, between financial institutions for all standardised derivatives, so as to ensure better assessment of counterparty credit risk, and backsupports the aim of trading as many standardised derivatives as possible, in future, on organised markets;
Amendment 103 #
Motion for a resolution
Paragraph 3
Paragraph 3
Amendment 112 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that, as regards regulation, a distinction must be made between derivatives to hedge firms’real transactions and pureby firms and financial market derivatives for purely speculative purposes;
Amendment 116 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Calls on the commission to look into ways of reducing the overall volume of derivatives significantly so the volume is proportionate to the underlying securities so as to avoid a distortion of price signals and reducing the risk to market integrity and cutting down systemic risk;
Amendment 117 #
Motion for a resolution
Paragraph 4 b (new)
Paragraph 4 b (new)
4b. Considers important to pay particular attention to corporate derivatives to which a financial institution is a counterparty in order to avoid abusing such contracts not as corporate risk but as financial market instruments;
Amendment 118 #
Motion for a resolution
Paragraph 4 c (new)
Paragraph 4 c (new)
4c. Warns about the access of unsophisticated investors to derivatives trading and calls for a monitoring of such practises;
Amendment 126 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Is of the opinion that, through clearing arrangements and by adjusting capital requirements, counterparty credit risk can be reduced for contracts cleared centrally via central counterparty clearing facilities (CCPs) and non-centrally cleared contracts; backs the Commission in proposing higher capital requirements for financial institutions in the case of bilateral contracts, provided that central clearing is dispensed with;
Amendment 142 #
Motion for a resolution
Paragraph 8
Paragraph 8
Amendment 151 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Calls that CCPs and other risk management system must be independent from key market participants or risk takers organised on the base of a mutualistic model and in competition with each other, under ESMA’s financial supervision;
Amendment 157 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Backs the introduction of repositories for all trades and positions not exchange- clearedcleared by CCPs and calls for trade repositories to be regulated and supervised under ESMA direction of the EMSA, which will issue regulatory provisions on transparency and guarantee market integrity;
Amendment 181 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Insist on the need to have regulatory standards to ensure that CCPs remain resilient to a broader set of risks, including multiple participant failures, sudden sales of financial resources and rapid reduction in market liquidity;
Amendment 205 #
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 individual types of derivative with cumulative risks should only be conditionally authorised or even, on a case- by-case basis, prohibited; particularly , a sufficient capital and reserves should be required to cover the CDS in the case of a credit event;
Amendment 207 #
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 individual types of derivative with cumulative risks or entailing a potential economic risk should only be conditionally authorised or even, on a case-by-case basis, prohibited;
Amendment 211 #
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
Amendment 213 #
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Is of the opinion that all financial derivatives that concerning public finances in EU (including sovereign debt of Members States and local administration balance sheets) must be standardised and traded on exchange or other regulated trading platforms, to promote transparency of derivatives market to the public;
Amendment 218 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Is of the view that all 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 totalmust be regulated;
Amendment 224 #
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Calls for any derivative position, whether taken by financial or non- financial institutions, above a certain threshold (to be specified by ESMA) to be centrally cleared by a CCP;
Amendment 226 #
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Calls on the Commission to examine more closely the extent to which speculation influences price formation with regard to commodities, agricultural products and greenhouse gas emission allowances, to the detriment of society;
Amendment 231 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Notes that forCalls for the planned regulation of derivatives to include a ban on purely speculative trade ing commodities and agricultural products, but also greenhouse gas emission allowances, it must be ensured that that market operates transparently in order to stem speculationwhere it is harmful to society;
Amendment 239 #
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Supports that any future legislative proposal on derivatives markets follows a functional approach by which similar activities are subject to the same or similar rules;
Amendment 243 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Underlines the fact that regulation which is aneed for European regulation of derivatives and calls consistent as possible and internationally the Commission to coordinated its desirable, but, since there are differing viewpoints, considers separate European regulation for derivatives to be necessaryactions with Europe’s partners as far as possible, in order to secure regulation which is as consistent as possible and internationally coordinated;