Where Can I Get Clip On Lip Rings

In Europe, they write the rules on derivatives lobby - Linkiesta



Monday, January 31, 2011 - 16:17:27

investigation

advantage of the mesh of the Union, and spending at least € 700 thousand, ISDA has placed the their men in the committee which established new rules for the use of financial products and decisions dell'Europarlamento bent to his liking. For example, no Member State may prohibit derivatives without the ok of the twenty-seven. This has earned the "Worst Lobby Award, an award given annually to the association more effective but more damaging. The Vice-President Michele Faissola, grandson of Conrad, who would not comment. The eurocommissario Barnier if the statement is instead escaped with some embarrassment.

The Worst Lobby Award

Finance

January 31, 2011 - 00:00
Last December, a bizarre group of cleaning ladies wandered under the Snow in the European quarter of Brussels. Armed with mop and mop, occurred outside the headquarters of the International Swaps and Derivatives Association (ISDA), which in previous months had represented the interests of the sector in the formulation of new rules on derivatives

. While you were busy in Ramazzano escalators and windows, qualifying it as a cleaner Lobby (Cleaners to lobby), were allocated to the ISDA "Worst Lobby Award", the prize for worst of the lobby.

no immediate reaction from the financial lobby,

for which the first prize of "bad" actually testified success in having achieved its objective: mitigate the rage in Europe to regulate the derivatives markets over the counter (OTC ), of which its members hold the reins in the world. A market in late 2009 had reached a nominal size of 604 trillion U.S. dollars (because of the Bank for International Settlements). Of course, given the declining since June 2008 (before the collapse of Lehman Brothers) when OTC derivatives had touched the 672 trillion, but not so much to avoid that in June 2010 had reached 582 trillion.

The proposal by the European Commission published September 15, 2010,

fact, could play soft when compared with the proclamations of the leaders

Europe at the outbreak of financial crisis, and again in the summer of 2010. "Contrary to what was announced by leaders such as Merkel and Sarkozy, [the proposal] does not prohibit the most dangerous products," said Yiorgos Vassalos of Corporate Europe Observatory (CEO), one of four organizations awarded the prize since 2005. "The new structure proposed by the Commission - said Vassalos - is again based on a logic of self-regulation of clearing houses with private (belonging to the same market players). " Furthermore, "a member state will no longer have the right to ban harmful products nationally. The decision will have to move from Europe and it will take the consensus of all 27. "

ISDA As he had done - which includes virtually all major international financial institutions, Deutsche Bank from Goldman Sachs, through Generali and Intesa Sanpaolo - to avoid close more severe? Simple: he had slipped into a capillary in the "expert group" that the Commission used as an advisory body in formulating its regulations. The "Derivatives expert group" was composed of 44 members: of these, 10 were public authorities control of financial organizations and 34 belonged to the heavyweights of international finance: of these, 25 were directly related to ISDA the remaining nine were of similar associations , four of which share a large proportion of members with the same ISDA.

short, the main accused of the financial crisis

were invited to rewrite the rules that they themselves should have been. Also because of a mechanism for admission of that Internal Market Commissioner, Michel Barnier, still has many flaws: "It is necessary do more to increase the active participation of representatives of civil society in policymaking concerning the internal market, in order to achieve a balance with industry representatives who do not belong, "Barnier wrote in a letter responding to Alter-EU, umbrella organization of those who supervise the European lobby, just as a result of stress on the groups of experts for financial reform. The ISDA has spent in his successful effort
can be determined only in part
.
According to the register of interest representatives established in 2009 by the European Commission, the association has spent a year among the 650,000 figure and 700,000 €. A figure which does not take into account any individual efforts by each of its members, such as Royal Bank of Scotland and Deutsche Bank, which in the voluntary register of active lobbying in Brussels does not appear at all. But this does not mean we do not act, indeed. Royal Bank of Scotland, for example, is very active behind the scenes and also succeeded to seize the former commissioner Guenter Verheugen as senior advisor, one of the sins committed by CEO listed as the most common: that of the revolving doors, doors a bit 'too oiled sharing institutions and the corporate world. This has earned her second place in the lobby of the Worst.

ISDA whose Vice President Michele sits Faissola,

grandson of Conrad, until recently at the helm of ABI and president of Ubi Banca yet, would not comment on the premium received. In any case, the lobbying is not done yet. The Commission's proposal will now be at the European Parliament and the Council by mid-2012 in co-decision will, set the final rules. The spectacle of the lobby is ready to move to the European Parliament, where so far received cool reception by Kay Swinburne, a member of the Parliamentary Committee on Economic and Monetary Affairs. At the recent Euromoney Derivatives Conference, Swinburne has warned regulators and the companies to look after the manners in which they are lobbying the members of the European Parliament in order to avoid counterproductive effects. "I've seen Gary Gensler [the chairman of the Commodity Futures Trading Commission] and his team to the European Parliament more times than not see his ministers in the U.S., and this shows when they are persistent in wanting to remain in line with the framework already defined by them, "he said. Be warned lobbyists LOTR: maybe this time will need to be more subtle.