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Debates
Wednesday, 27 March 2019 - Strasbourg Revised edition

Framework for the recovery and resolution of central counterparties (A8-0015/2018 - Babette Winter, Kay Swinburne) (vote)
MPphoto
 

  Kay Swinburne, Rapporteur. – Mr President, I’ll be very brief. The shadows and myself, and the co-rapporteur, have brought this file back today for a final vote because the interinstitutional negotiations envisaged by this House nearly a year ago have not even begun.

It is of great concern that the Council have decided not to prioritise this technical file, which is essential for the future financial stability of the EU financial market infrastructure. This regulation was designed to address the risk of concentration in EU central counterparties and put in place the safeguards needed to deal with the most extreme scenarios in ensuring the recovery and/or the resolution of central counterparties.

The financial crisis led to the use of financial derivatives being better regulated, and this is the final piece in that post-trade regulatory framework. I urge the Council and Commission to ensure that this crucial piece of legislation has top priority in the next mandate to better protect EU investors and the financial system as a whole.

I would like to thank my colleagues in the Committee on Economic and Monetary Affairs, both past and present, for their work on this file, especially Jakob von Weizsäcker, who has now left, and their cooperation over the past decade on all the markets files I’ve worked on. Many thanks to all of you.

(Applause)

 
Last updated: 28 June 2019Legal notice