TRANSCRIPT
Relief ripples across the parish at EU CCP agreement and a delay in open access. That clearing rule pragmatism comes thanks to Croatian competence as the US SEC gears up for data revenge. Albeit from Germany to the USA regulators were rebuffed and even ridiculed as German banks begin to panic that the EU will damage 27 financial markets by shutting the dominant UK out of finance post Brexit transition.
My name is Patrick L Young, welcome to the bourse business weekly digest. It's the Exchange Invest Weekly Podcast.
Coming first to Parish news this week. Well, Adena Friedman thought-led once again: “Now is the time to build a more inclusive economy.”
As she said, “Until our employees look like the people we serve, we are holding back our own performance. This is a virtuous cycle of opportunity.”
A perfect line surmising why diversity has always been assigned business practice, both for the bottom line and for realizing economic potential throughout the population.
In the parish CCP news dominated during the course of the week. Indeed, just a week ago, the European Association for Clearing Houses each CCP launched a cri de coeur; an open letter: an EACH note on CCP recovery and resolution: “Let's make markets safer, not weaker.”
It was a final throw of the dice after an incredibly tense negotiating period. And indeed, by the time we reached the next podcast, the news was good, ladies and gentlemen, clearing houses, Presidency and Parliament reached political agreement on recovery and resolution.
The European CCP Industry Association EACH led with that cri de coeur last week. The good news is that once again a small EU state has had a coherent and successful EU presidency. The leader of these negotiations, the head of markets at the Croatian FSA, Anamarija Staničić, deserves plaudits for a dogged and consistent approach to making markets better, Given the EU's track record of overindulgent bracket creep, to put it mildly, with dismal initiatives such as MIFID II, the resolution here is as close to common sense as we can arguably expect from the EU's often infuriatingly zealous approach to regulation and its reliance on the precautionary principle as a backbone of delivering the resultant economic status evident in the Eurozone during the past last decade of growth.
Now submitted for endorsement by Member States ambassadors to the EU a few i’s may be dotted and T's crossed and such like but substantive changes are not going to happen, given the uselessness of the EU's actions when in full swing qv the recent daft transport edicts aimed at helping the usual northern Europeans protect their high earning truckers and thus raising everybody’s freight costs and emissions through the European Union bloc.
Croatian officials have done very well to draft a relatively balanced solution which vitally keeps taxpayers’ money away from CCP resolution by broadly preserving the robustness of clearing houses, which had grown up before the EU even became aware of them.
Well done, Croatia Congratulations once again to Anamarija Staničić. A small dedicated country can do more than the full...
