Rapporti verbatim tad-dibattiti

It-Tnejn, 13 ta' Diċembru 2010 - Strasburgu

22. Regolamentazzjoni tal-kummerċ ta' strumenti finanzjarji - "dark pools" eċċ. (preżentazzjoni qasira)

  El Presidente. − El siguiente punto es el informe de Kay Swinburne, en nombre de la Comisión de Asuntos Económicos y Monetarios, sobre la regulación de la negociación de instrumentos financieros – dark pools y otros instrumentos [2010/2075(INI)] (A7-0326/2010).

  Kay Swinburne, rapporteur. − Mr President, I have difficulty explaining to those uninitiated in financial jargon precisely what my report on ‘dark pools’ refers to. The report formally refers to the trading of financial instruments including dark pools, which are financial transactions and shares conducted without pre-trade transparency, otherwise referred to as non-displayed trades. The report, more broadly, is an assessment of the implementation of the Markets in the Financial Instruments Directive (MiFID) of 2007 with respect to equities and seeks to address structural issues currently apparent in the equities markets.

Despite this being a highly technical report, I am encouraged by the high level of debate that has occurred in the committee. I am glad that the hard work of my colleagues has managed to establish a broad base of support across political groups, turning 194 amendments into 26 compromises, which most groups were able to sign up to.

Given the timing of this own-initiative report and its culmination in a plenary vote this week, I also believe that the European Parliament has added significantly to the Commission’s recently released consultation on the MiFID II review (MiFID II), which takes into account many of the issues raised in deliberations in the committee. The European Parliament, through this report, has asked for a number of investigations into the different trading venues that are currently regulated under MiFID and seeks a closer analysis to ensure that venues providing equivalent services are regulated to an equivalent level.

I believe that the Commission, in their consultation document, may have gone a step further in widening its definition of organised trading facilities to include all venues that bring together buyers and sellers. This means a significant loophole may be closed. Yet this solution ensures that proportionality can be maintained in allowing for significant differentiation within the categories for regulated markets, MTFs, SIs, BCNs and derivative platforms.

The new level of scrutiny being suggested for operators of dark pools should be welcomed by investors as, while they currently provide protection from the wider market, they at least have the potential for abuse. Allowing regulators full access to business models should ensure that they can continue as a venue for the discretionary crossing of client orders without allowing them to expand to proportions that will affect price discovery or to provide a cover for market abuse.

As well as this, in terms of MiFID waivers, the European Parliament and the Commission agree that these need to be redefined and their implementation needs to be standardised across the EU. The possibility currently to arbitrage across EU Member States to find the best interpretation of the same rule should no longer be a possibility. During the compilation of this report and its amendment, it was clear that the biggest deficit in MiFID implementation has been the lack of a market version of a European consolidated tape. Investors in the US cannot understand how we in the EU operate without such a tool. There has been general industry acceptance, particularly among investor groups, of its necessity but, for the three years since MiFID implementation, the market participants have failed to come together to provide a European consolidated tape. Like the Commission, the Committee on Economic and Monetary Affairs is reticent to go beyond mandating the approved publication arrangements, but if a market solution is not found then legislation should be supported.

The microstructural issues currently affecting the equity markets have been a topic of heated debate in committee. There has been agreement that practices like flash orders, spoofing and pinging are unfair or even abusive. However, the committee found it much harder to come to agreement on the role of certain market participants, in particular the benefits or not of high-frequency trading strategies. In the absence of clear data, it is difficult to draw any solid conclusions on their role – positive or negative – and so, before we propose legislative actions, we need to make sure that we have data so that we do not impose legislation that may be detrimental to the effective functioning of European markets.

Fundamentally, we must ensure the integrity of our financial markets. They are not there for intermediaries or the interlopers to interact with one another. They are there to provide a market place for investors to channel capital to businesses and corporates who act in our real economy. This fundamental function of the markets must be kept centre stage in all of our minds as we go through the legislative process of MiFID II.

  Philippe Juvin (PPE). - Monsieur le Président, mes chers collègues, Madame le rapporteur, bien sûr, ce texte est d'une très grande complexité mais, au fond, de quoi s'agit-il? Il s'agit encore une fois de tirer les leçons de la crise: non, il ne faut plus faire comme avant, oui, il faut changer les règles du jeu, il faut remettre de l'ordre dans le système.

Ceux qui, aujourd'hui, profitent dans les différents pays de l'Union, de la crise et de l'anxiété des citoyens pour tout mettre sur le dos de l'Europe, on entend partout "c'est à cause de l'Europe si ça ne fonctionne pas, c'est même à cause de l'euro, et d'ailleurs j'ai la solution, il faut quitter l'Europe, il faut mettre fin à l'euro...". À tous ces gens là, il faut sans cesse répéter que oui, nous avons besoin de règles communes, il faut leur répéter que si les pays de l'Europe n'étaient pas unis, s'ils étaient isolés, ils seraient aujourd'hui morts. Oui, nous avons besoin de régulation, de politique commune, de règles communes, d'une mise à plat de nos règles et d'un meilleur fonctionnement du système.

Mes chers collègues, l'affaire est assez simple au fond, ensemble, nous sommes forts, isolément, nous sommes morts!

  Csanád Szegedi (NI). - Tisztelt Elnök úr! Szeretném megköszönni, hogy ilyen bőkezűen méri az időt. Ezek után különös tekintettel fogom figyelni, hogy melyik üléseket fogja Ön vezetni, és azon megpróbálok mindegyiken jelen lenni. Nagyon fontos Swinburne asszony jelentése, hogy végre beszélünk a pénzügyi eszközök kereskedelmének szabályozásáról. Első és legfontosabb hiba, ami a jelentéssel kapcsolatos, hogy a jelentés, a további szabályozások sürgetése már egy megkésett lépes. Kettő. Ha eddig átláthatatlan volt a szabályozás, visszamenőleg is át kell világítani, mi minden történt. Kivonni nagyon befektetéseket a szigorúbb ellenőrzés alól értelmetlen, sőt egyenesen elhibázott lépésnek tartom. Nem csupán a kereskedés mikéntjét, a kibocsátott származékos értékpapírokat is át kell vizsgálni, és az új kibocsátásokat szigorúbban szabályozni.

Valójában a származékos pénzpiaci termékek gerjesztik az inflációt. A terhet a lakosság viseli, a hasznot különféle nemzetközi jogi személyek kasszírozzák be, amelyeknek a háttere nem mindig tisztázott. Ráadásul az így zsebre tett profitot visszavezetni a reálgazdaságba nem szerencsés, mert fokozatosan a leggazdagabbak zsebébe vándorol az egész bolygó talán.

  Elena Băsescu (PPE). - Raportul doamnei Swinburne pune accentul pe asigurarea unor condiţii de egalitate între sistemele multilaterale de tranzacţionare. Consider că la fel de importantă este şi punerea lor sub acelaşi nivel de supraveghere. Doresc să subliniez necesitatea unei legislaţii mai potrivite, pentru reducerea riscului sistemic şi pentru asigurarea concurenţei loiale a pieţei.

În momentul de faţă există o lipsă îngrijorătoare de informaţii disponibile cu privire la strategiile de tranzacţionare. Singura modalitate de a înţelege cu adevărat dacă piaţa funcţionează corect este ca autorităţile de reglementare să deţină informaţii suficiente. ESMA ar trebui să stabilească norme şi modalităţi comune de notificare aplicabile tuturor datelor, atât în cadrul sistemelor de tranzacţionare, cât şi al celor extrabursiere.

Consider utilă o analiză a efectelor stabilirii unui volum minim de ordine pentru tranzacţiile pe toate platformele anonime. Astfel, s-ar putea stabili dacă este asigurat un flux de schimburi satisfăcătoare.

  Johannes Hahn, Member of the Commission. − Mr President, on behalf of the Commission and of Commissioner Barnier in particular, I will answer by saying that improving transparency in financial markets and ensuring that all relevant market actors are subject to appropriate levels of regulation are key aims of this Commission and of the G20.

I would like to congratulate Dr Swinburne and the Committee on Economic and Monetary Affairs for the report on trading in financial instruments, ‘dark pools’, etc. The report marks an important step in the context of the ongoing review of the Markets in Financial Instruments Directive (MiFID). Its recommendations are being closely integrated into the Commission’s thinking as we prepare the proposal for amending the existing directive in 2011. The MiFID review is an important part of the Commission’s agenda towards a more stable and transparent financial system working for society and the economy as a whole. Many pieces have already been put in place, not least the launch of a new EU supervisory authority as of next month.

The Commission is committed to delivering proposals in the remaining areas by summer 2011. We count on the support of the European Parliament in moving swiftly to adopt the necessary reforms in order to ensure they are applied as soon as possible thereafter.

As you know, MiFID is a cornerstone of the EU regulatory framework for financial markets. It pre-dates the financial crisis but has, on the whole, proven to function well, even in the difficult and turbulent times of recent years.

Of course, some shortcomings have emerged. Technological progress and rapid developments in financial markets have also ensured that regulatory devices which were state-of-the-art some years ago are clearly outdated today.

On 8 December, the Commission published draft proposals for a consultation. We intend to be ambitious and comprehensive in tackling all challenges. While recognising that the original objectives of MiFID are still valid, the issues at stake are critical aspects of how our financial markets function, how open and transparent they need to be and how investors can gain access to financial instruments and investment opportunities.

Like the draft Economic Affairs Committee report, we perceive the need for improvements in the regulation of new types of trading platforms and trading methodologies. This should take proper account of the nature of the business with a view to ensuring a level playing field between actors and proper protection for investors as well as against disruptive market practices.

We also agree with the need to improve transparency rules applicable to trading in shares and to introduce new requirements for trading in other instruments. Another important area touched upon also in Dr Swinburne’s report is to improve the functioning and regulation of commodity derivative markets in line with G20 principles.

Furthermore, we aim to introduce targeted improvements to the existing rules regarding investor protection. Ensuring all products and selling practices are suitably covered under equal rules is a vital component in restoring investor confidence.

Finally, this review will reinforce supervision and enforcement across financial markets with a key role foreseen for the new European Securities and Markets Authority. In taking the work forward, the Commission services are working closely with our international partners, notably with the responsible regulators in the United States who are looking at the same issues, to ensure international convergence and avoid any risk of regulatory arbitrage.

The report by Ms Swinburne comes at an important juncture in the process of regulatory reform. We are encouraged by the commitment shown by MEPs and by the fact that your analyses and recommendations coincide very closely with ours. This report reinforces the basis for our work ahead.

  El Presidente. − Se cierra el debate.

La votación tendrá lugar mañana a las 12.00 horas.

La próxima sesión se celebrará mañana, martes 14 de diciembre de 2010, de las 9.00 a las 13.00 horas, de las 15.00 a las 20.30 horas y de las 21.00 a las 24.00 horas.

El orden del día se ha publicado y está disponible en el sitio web del Parlamento Europeo.

Se levanta la sesión.