In 2006, however, TATA’s automobile-manufacturing subsidiary had a higher stock exchange value than General Motors, while no-one had heard of the MITTAL Group until it launched a hostile takeover bid against ARCELOR, triggering panic in Paris, Brussels and Luxembourg.

This deterioration extended to all the financial markets via securities and financial products supported by those mortgages, which, in recent years, have been acquired in large quantities by financial institutions almost throughout the world.

We will have a transatlantic market in the area of securities; perhaps we will have some other market in the area of insurance.

The Commission has just completed a massive program of legislative change which addresses among other matters the transparency of share trading and the transparency obligations of issuers of securities that are admitted to trading on a regulated market.

Are you the right man to formulate and develop Europe as a values-based model of multilateralist democracy and present it on the international stage as an alternative to a unilateralist model based on stock market values?

The competent authorities may allow the requirement against a written exchange‐traded option to be equal to the margin required by the exchange if they are fully satisfied that it provides an accurate measure of the risk associated with the option and that it is at least equal to the capital requirement against an option that would result from a calculation made using the method set out in the remainder of this Annex or applying the internal models method described in Annex V. The competent authorities may also allow the capital requirement for an OTC option cleared by a clearing house recognised by them to be equal to the margin required by the clearing house if they are fully satisfied that it provides an accurate measure of the risk ass ...[+++]ociated with the option and that it is at least equal to the capital requirement for an OTC option that would result from a calculation made using the method set out in the remainder of this Annex or applying the internal models method described in Annex V. In addition they may allow the requirement on a bought exchange‐traded or OTC option to be the same as that for the instrument underlying it, subject to the constraint that the resulting requirement does not exceed the market value of the option. The requirement against a written OTC option shall be set in relation to the instrument underlying it.