Agreement reached to bring stability and transparency to derivatives markets
Posted,2/9/2012 7:00:00 PM
The European Parliament and EU governments have tonight reached agreement on proposals for a new regulation which aims to increase stability and improve transparency in the Over-The-Counter (OTC) derivatives markets - without overburdening businesses and pension funds.
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EU Commission massages its figures on Financial Transaction Tax
Posted,2/6/2012 5:00:00 PM
The European Commission's decision to rewrite its own damning impact assessment on proposals for a Financial Transaction Tax - so that it is more favourable towards the proposal - is a clear indication it is putting its political agenda above jobs and growth, Dr Kay Swinburne MEP, European Conservatives and Reformists group economics spokesman, warned today.
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MEP serves up a taste of Wales
Posted,1/24/2012 11:00:00 AM
Kay Swinburne, Welsh Conservative MEP, is delighted to be hosting a 'farmhouse' breakfast this week - right in the heart Brussels. The promotional event in the European Parliament on Wednesday is backed by the Farmers' Union of Wales and aims to promote Welsh produce across Europe. It is linked to a series of events throughout the UK drawing attention to the importance of eating breakfast - but this is the only one to take the key message abroad. Welsh sausages, bacon, cheese and yogurt will be on the menu, all shipped to Brussels from local producers in Wales. "Welsh farm produce is of an extremely high quality and something we should be very proud of," said Kay. "Continentals care very much about sourcing the best produce and we aim to show them they can't beat what we offer "Breakfast is the most important meal of the day, so what better way to start than with a hearty Welsh farmhouse breakfast? "I am sure my colleagues will enjoy a meal to savour. And for afters - while we´ve got them, we'll give them a better understanding of Welsh farmers' needs in the upcoming review of the Common Agricultural Policy".
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EU Commissioner's City of London speech fails to understand global nature of finance
Posted,1/23/2012 5:00:00 PM
Speaking at a City of London event at the Guildhall today, EU internal market commissioner Michel Barnier called on the City to play 'the European game' in a wide-ranging speech on the commission's agenda for financial services.
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Welcome for Commission's block on giant derivatives merger deal
Posted,1/11/2012 10:00:00 AM
Kay Swinburne MEP, Conservative spokesman on economic and monetary affairs in the European Parliament, tonight welcomed news that the European Commission has effectively blocked a merger between Deutsche Borse and America’s NYSE Euronext. Dr Swinburne, who consistently questioned the planned tie-up, said the decision by competition commissioner Joachin Almunia - that the deal could only go ahead if the two parties agreed to sell off one of their existing derivatives platforms - would have huge ramifications for the derivatives sector, but would ultimately mean greater competition and a more open market. She said: "It is vital that competition remains in derivatives markets, particularly given the ongoing reforms concerning OTC (over-the-counter) derivatives since the G20 declaration in Pittsburgh in 2010. "In the push to better-regulate complex products we must be certain to retain genuine competition in the market so as to get the best deal for investors. In this time of financial uncertainty this is particularly true as derivatives are essential for companies to hedge against business risk. "Any market consolidation needs to respect the principles of open access and free and fair competition. "It seems this deal has failed that test and I therefore welcome Commissioner Almunia's intervention."
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