Activities of Kay SWINBURNE related to 2010/2008(INI)
Plenary speeches (1)
Derivatives Markets: Future policy actions (short presentation)
Amendments (20)
Amendment 6 #
Motion for a resolution
Recital A
Recital A
A. whereas derivative instruments play a largely useful role in spreaddispersing risk in the economy, butthey differ considerably depending on product type and underlying asset class with regard to risk, operational arrangements and market participants,
Amendment 18 #
Motion for a resolution
Recital E
Recital E
E. whereas some OTC derivatives have become increasingly complex and in some instances the counterparty credit risk has not been correctly assessed and priced, and whereasas, demonstrated by recent experiences, there are considerable weaknesses in how some derivative markets are organised,
Amendment 32 #
Motion for a resolution
Recital F
Recital F
F. having regard to the decades-old misjudgmentprevailing principle that derivatives need very little additional market regulation chiefly because they are used by experts and specialists,
Amendment 35 #
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. whereas Europe must establish a comprehensive collateralisation strategy for derivatives markets which must take into account the unique situation of business end-users in contrast to major market participants and financial institutions,
Amendment 38 #
Motion for a resolution
Recital G
Recital G
G. whereasacknowledging that most derivatives used by firmbusiness end-users involve no systemic risk,
Amendment 46 #
Motion for a resolution
Recital H
Recital H
H. whereas small and medium-sized enterprises who use derivatives under special conditions instruments solely in hedging that, as regardseir capital charges and financing their variation margins, they are dependent onshould be granted exemptions,
Amendment 55 #
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, except for disclosure requirements to a repository
Amendment 78 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the Commission’s initiative for better regulation of derivative instruments, and in particular OTC derivatives, and backs the calls for further standardisation of contracts where appropriate, the establishment of trade repositories, the strengthening of central clearing houses and the extensiveincreased use of organised trading venues;
Amendment 96 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Backs the call for the compulsory introduction of independent clearing between financial institutions for all standardisedeligible derivative products, so as to ensure better assessment of counterparty credit risk, and backs the aim of trading as many standardisedeligible derivative products as possible, in future, on organised markets;
Amendment 106 #
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Calls on the Commission to use a differentiated approach to the many types of derivative products available; taking account of differing risk profiles, extent of usage for legitimate hedging purposes, and role in the financial crisis;
Amendment 122 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Calls on the Commission to enhance bilateral risk management standards as part of the forthcoming legislation on central clearing;
Amendment 129 #
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 proportionate capital requirements for financial institutions in the case of bilateral contracts, provided that central clearing is dispensed with; except in the case of exempted business use for legitimate hedging purposes;
Amendment 132 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. BacksCalls for the Commission in its intention to confer responsibilities for authorising European and third-country clearing houses on the European Securities and Markets Authority (ESMA)national competent authorities who will report authorisation to the European Securities and Markets Authority (ESMA) to enable them to update a list of derivative products eligible for central clearing;
Amendment 145 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Insists that neither must CCPs be organised by users, nor mustauthorised CCPs must not allow their risk management systems to be in competition with each other in a way that will lower the level of risk management standards;
Amendment 156 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Backs the introduction of repositories for all trades and positions nbot exchange- h cleared and non-cleared and calls for trade repositories to be regulated and supervised by national competent authorities under EMSA direction;
Amendment 167 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls on the Commission to draw up reporting standards for all derivative products and ensure that they are communicated to central trade repositories and, CCPs, exchanges and financial institutions and to make them data accessible to the EMSA and national regulatory authorities and the ESRB when required;
Amendment 177 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Backs the Commission in its plan to establish CCPs under independent European responsibility which are independent from key market participantEuropean agreed standards, overseen by ESMA; and demands that key market participants do not inappropriately influence CCPs risk management standards;
Amendment 188 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Assumes that, in the legislative proposal, the Commission will make bilateral clearing for non-financial institutions possible on the basis of an understandable risk assessment in future, too, and ensure that if graduated capital charges for financial institutions are ensuredincreased that the cost to the exempted entity is proportionate and affordable;
Amendment 194 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Backs the Commission in its intention to provide for exemptions and lower capital requirements for SMEs’ bilateral derivatives products where an underlying business risk is being hedged;
Amendment 202 #
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, derivative products that may lead to cumulative risks must be highly supervised with the ability, in the case of increased systemic risk to be on a case-by- case basis, prohibited;