16 Amendments of Sylvie GOULARD related to 2010/2008(INI)
Amendment 41 #
Motion for a resolution
Recital G
Recital G
G. whereas most derivatives used by firms involve no systemic risk taken individually,
Amendment 44 #
Motion for a resolution
Recital H
Recital H
H. whereas small and medium-sized enterprises use derivatives under special conditions in that, as regards capital charges and financing variation margins, they are dependent on exemptionsnon-financial institutions, in particular SMEs, are not equipped like financial institutions to deal with collateral management and especially liquidity risk, and could bear very high costs if submitted to full derivatives regulation, but should comply with adequate transparency and risk management standards due to the substantial financial risk they may represent,
Amendment 51 #
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 certain OTC derivatives products that are not extensively used by non-financial institutions need no additional regulation but nevertheless need to be supervised,
Amendment 59 #
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 European regulator;
Amendment 60 #
Motion for a resolution
Recital I b (new)
Recital I b (new)
Ib. whereas the current Greek situation cannot lead to firm conclusions on the interaction between the sovereign CDS and underlying bond markets because of a blatant lack of information but precisely 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 64 #
Motion for a resolution
Recital I c (new)
Recital I c (new)
Ic. whereas systemic risk associated with clearing houses is very likely to be considerable and growing and therefore unfettered access to information on transactions for regulators is essential for market and prudential supervision; EU financial institutions should comply with clearing and reporting requirements in clearing houses and repositories located, authorised and supervised in the EU,
Amendment 83 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
Amendment 87 #
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
Amendment 93 #
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 119 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
Amendment 161 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Backs the introduction of repositories for all trades and positions not exchange- central clearing counterparty-cleared and calls for trade repositories to be regulated and supervised under EMSMA direction;
Amendment 179 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Backs the Commission in its plan to establish CCPscentral clearing counterparties located in the EU under independent EuropeanSMA’s responsibility which arand their governance independent from key market participants;
Amendment 229 #
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. temporarily 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 241 #
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 249 #
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
Amendment 252 #
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)