Traduction de «Marché des opérations à terme » (Français → Anglais) :

Regulatory changes aside, the impact of new technology and the advent of new market participants has led to faster trading speeds, the growth in HFT and an increase in direct market access by clients of trading platform members and therefore to faster and more dynamic markets.

26. Favours, on the grounds of flexibility, awarding contracts by means of a competitive dialogue where a contract entails 'legal and financial complexity', and calls on the Commission to clarify the condition of 'legal and financial complexity' in such a way as to allow the maximum possible room for negotiation; takes the view that legal and financial complexity can be assumed to be present where typical PPP features such as a life-cycle concept and a long-term transfer of risk to private operators are present; takes the view that in a competitive dialogue procedure the risk of confidential information being published outside the proc ...[+++]edure must be eliminated;

the net forward position (i.e. all amounts to be received less all amounts to be paid under forward exchange and gold transactions, including currency and gold futures and the principal on currency swaps not included in the spot position).

In exercising its implementing powers, the Commission should respect the following principles: the need to ensure confidence in financial markets among investors by promoting high standards of transparency in those markets; the need to provide investors with a wide range of competing investments and a level of disclosure and protection tailored to their circumstances; the need to ensure that independent regulatory authorities enforce the rules consistently, especially as regards the fight against economic crime; the need for high levels of transparency and consultation with all market participants and with the European Parliament and the Council; the need to encourage innovation in financial markets if they are to be dynamic and efficie ...[+++]nt; the need to ensure market integrity by close and reactive monitoring of financial innovation; the importance of reducing the cost of, and increasing access to, capital; the balance of costs and benefits to market participants on a long-term basis (including small and medium-sized businesses and small investors) in any implementing measures; the need to foster the international competitiveness of EU financial markets without prejudice to a much-needed extension of international cooperation; the need to achieve a level playing field for all market participants by establishing EU-wide regulations every time it is appropriate; the need to respect differences in national markets where these do not unduly impinge on the cohesion of the single market; and the need to ensure coherence with other Community legislation in this area, as imbalances in information and a lack of transparency may jeopardise the operation of the markets and above all harm consumers and small investors.

It is true that some economists are talking about 60 and 70 dollars, but it is also true that the futures markets are operating on the basis of a reduction of the current level of 50 dollars per barrel and that the market operators are, therefore, not anticipating further rises in the petrol price, but rather a tendency over the next two years for the market situation to moderate, given that, as some of you have said, the proportion of the rise in the oil price over recent months does not correspond either to the objective situation of supply and demand i ...[+++]n the market nor to the other geopolitical factors influencing the situation, but to speculative operations which cannot be maintained permanently over time.

It is true that some economists are talking about 60 and 70 dollars, but it is also true that the futures markets are operating on the basis of a reduction of the current level of 50 dollars per barrel and that the market operators are, therefore, not anticipating further rises in the petrol price, but rather a tendency over the next two years for the market situation to moderate, given that, as some of you have said, the proportion of the rise in the oil price over recent months does not correspond either to the objective situation of supply and demand i ...[+++]n the market nor to the other geopolitical factors influencing the situation, but to speculative operations which cannot be maintained permanently over time.