McCreevy discussed
his role in the NYSE/Euronext issue, noting he was pressed by some in Europe to
block the transatlantic deal in favor of creating a European-based competitor.
“I
rejected this approach then and I continue to reject it now. Not because I favor one business model over
another, but because I believe that such issues are for the markets and
shareholders to decide, not for politicians,” he said. “Regulators have a duty
to ensure that the terms of any deal are consistent with anti-trust
regulations, securities laws and with the public interest. But they should stay out of determining what
constitutes best value in any particular case. They should avoid falling prey to the wishy-washy nonsense of notions
of economic security that are peddled both here and in Europe.”
Noting that other
mergers or similar deals were likely to follow, McCreevy offered six principles
for building a transatlantic market, suggesting to policymakers, “We should get
rid of as much regulatory duplication as possible. If another regulator offers an equivalent standard of regulation
and equivalent enforcement -- have the courage to rely on them.”
“Commissioner
McCreevy and global financial firms are on the same page when it comes to the
best approach to the regulation of financial markets,” said SIFMA co-CEO Micah
Green. “We should all be working
towards the elimination of duplicative and inefficient regulations and moving
towards rules which take a risk-based, or principles-based, approach.”
The prepared text
of the Commissioner’s speech can be found at http://www.sifma.org/pdf/mccreevy.pdf.
