Traduction de «Compensation multilatérale » (Français → Anglais) :

4. Backs the call for the compulsory introduction of CCP clearing between financial institutions for all eligible derivative products with a view to ensuring better assessment of counterparty credit risk, and supports the objective that as many eligible derivative products as possible should be traded on organised markets; calls for provision of incentives that encourage the trading of eligible derivative products on trading venues regulated by MiFID, i.e. on regulated markets and multilateral trading facilities (MTFs); notes that one criterion for clearing eligibility must be liquidity;

4. Backs the call for the compulsory introduction of CCP clearing between financial institutions for all eligible derivative products with a view to ensuring better assessment of counterparty credit risk, and supports the objective that as many eligible derivative products as possible should be traded on organised markets; calls for provision of incentives that encourage the trading of eligible derivative products on trading venues regulated by MiFID, i.e. on regulated markets and multilateral trading facilities (MTFs); notes that one criterion for clearing eligibility must be liquidity;

4. Backs the call for the compulsory introduction of CCP clearing between financial institutions for all eligible derivative products with a view to ensuring better assessment of counterparty credit risk, and supports the objective that as many eligible derivative products as possible should be traded on organised markets; calls for provision of incentives that encourage the trading of eligible derivative products on trading venues regulated by MiFID, i.e. on regulated markets and multilateral trading facilities (MTFs); notes that one criterion for clearing eligibility must be liquidity;

5. Stresses that any targeted measure to introduce cross-border loss relief should be defined and implemented on the basis of a multilateral, common approach and coordinated action by the Member States in order to guarantee the coherent development of the internal market; recalls that such targeted measures represent an intermediate solution pending the adoption of the CCCTB; considers that the CCCTB constitutes a comprehensive long-term solution for tax obstacles linked to the cross-border offsetting of losses and profits, as well as for transfer pricing and cross-border merger and acquisition and restructuring operations and will com ...[+++]plete the achievements of an internal market with fair competition;

H. whereas Member States have traditionally tried to coordinate their tax regimes through an extensive network of bilateral tax treaties that do not fully cover issues such as cross-border loss relief; whereas, within the European Union, the bilateral approach is less efficient and leads to less consistency than a multilateral and coordinated approach; whereas a common EU approach on a consolidated corporate tax base - such as the CCCTB proposal - is the most appropriate solution for the cross-border offsetting of losses and profits within the internal market and will lead to greater transparency, investment and competitiveness,

Clearing: Now well-established in trading in derivatives and fixed income securities, multilateral netting and central counterparty functions are also becoming central to mainstream equity trading. While this development supports efficient trading, it also entails a concentration of systemic risk on the books of central counterparties. This will be exacerbated by geographic consolidation which may result in some trading systems being dependent on clearing functions performed in other Member States.