EU Commissioner McCreevy assured participants that the area of clearing and settlement is one where the Commission’s dual commitment to consultation and impact assessment is being thoroughly applied.
Sharon Brown-Hruska, Acting Chair of the US CFTC, stressed the paramount importance of Trans-Atlantic dialogue between regulators and governments, the need for early and effective consultation and the pro-active exploration of areas of regulatory and legislative convergence between the US and the EU. ECB President Trichet said that the ECB fostered financial integration in several areas, thus stimulating competition and eventually increasing the efficiency of the allocation of capital.
The Chairman of the London Stock Exchange, Chris Gibson-Smith, requested a speeding-up of economic reform in Europe in order not to lose (even more) ground in the competition between the large global economic zones. He demanded that political and regulatory intervention should not stifle innovation but encourage and foster it.
FESE Vice President Jukka Ruuska summed up the three main areas on which the Convention had focussed: trends in regulation, the regulatory approaches being made Europe and the US and the importance of SMEs to Europe’s thriving and competitive economy the He invited everyone to the 10th European Financial Markets Convention which will be held in Zurich May/June 2006.
