As a regulator I lead a fight for Europe

The pattern of the authority of des marchés financiers (AMF) book "Echos" its analysis and its revenues to maintain the liquidity of markets in the euro area and to defend the place of Paris against Anglo-Saxon competition. Jean-Pierre Jouyet considers that the European relocation in London of the computing platform of Nyse Euronext is a turning point, although its impact was limited. It calls once again all the actors of the place and the institutions to take their responsibilities.

How do you consider the reaction of the place of Paris to the announcement of the migration of Nyse Euronext European rating computer platform in London

This technical decision in the limited impact served as developer. Issuers see offshoring a turning point in the management of markets and their organization. The place has assets. There is no reason on the bond market, for example, Paris did not catch with London. But it requires a significant effort to structure the market for reasons of security and competitiveness. In the same way, should act on the Organization of the secondary market and even strengthen the security and transparency of transactions.

Do you not regret the lack of mobilization of banks for the place

What I regret is the neutrality of the banks, which are shared between their interest to operators and their role on the place of Paris. On these topics, they may adopt a dual discourse. However, should not just back to banks only. Each must take its responsibilities, including large industrial emitters. They must make their voices heard. As the Minister of the economy must feel supported in its efforts to defence of the place.

All that does not appear to the power of attraction of the City started

I will not lead a fight against London. I did not adopt a protectionist position in Paris. As a regulator, I lead a fight for Europe. Must be that between Europe and the United States there is a shared standard, rules equivalent to the fair competition.

What are the key to save the European financial markets

It is necessary that markets "cash" and derivatives of the euro area are as close as possible to the source first of liquidity that is the European Central Bank (ECB). It is a question of security. To avoid breach of liquidity problems as observed last fall, the ECB must be able to directly provide liquidity in euro to the organs of compensation. It is evidence of a strong political will in Europe, including in Brussels, or it is doomed to an additional arm of the United States. This political will must also be shared by issuers and regulators. Taken in isolation, each party has good reason to adapt to current trends of markets. But, in fine, we arrive at a situation where they do offer more transparency, stability and security issuers and investors. Today, markets are more the fair price formation that is entitled to expect. I do not want that financial markets are becoming a huge black market.

Is it not already too late to lead this fight

The real risk is that the markets go faster than the process of adaptation of the regulation. There is urgency today because the quality of market is greater in Europe than in the United States. There are four times more "dark pools" (electronic trading systems based on the anonymity of investors, Editor's note) on the side of the Atlantic than the other. These "dark pools" located in London are exempt from the transmitters. In addition, at this stage, only technical solutions come from the United States. It is regrettable that in continental Europe it is relatively indifferent to the technical problem of market infrastructure. As much more several of these new London platforms work loss. Operators need to enter the Competition Directorate of the European Commission on this issue. I wish that the unforeseen consequences of the directive of the markets in financial instruments (MIF) are corrected during the review by the Commission in 2010. In this connection, I argued that there is, at the head of the internal market and the financial market of Brussels, a Commissioner convinced of the need to better regulate and organize the markets.

A thorny folder must be treated quickly, that of the credit derivatives of private denominated in euros.

If it does not quickly resolve the problem of compensation for the CDS in euros, we will fall into a total dependence on the United States. Let us not forget that Tim Geithner, US Treasury Secretary, has said himself that there not need a European compensation since the United States have already. The ECB is right that this activity must be located in the zone euro, emphasizing local clearing houses. Eurex, the German who has finalized its offer, is ahead of the Franco-British Chamber CHL. Clearnet. It polarizes too on the capitalist aspect of the latter. Nevertheless, a new ownership which does not guarantee compensation in the euro area is not of interest. Should find a solution as soon as the re-entry because, at the end of the year, it will be too late.

Is Anglo-Saxon competition traders pay not a handicap for Paris

In no case Goldman Sachs is normal and is a reference. It would be even amoral. However, it must maintain a balance between competitiveness and regulation. I recalled that the Commission has a device for compensation, to ensure that it is applied in Europe. If we succumb to the temptation to return to the past, public opinion will not accept it. The markets believe in standardisation. But do not forget that the second half will be tense front economic and social, as much of the year 2010. Must be had to the principles of good conduct by the Afep and the Medef compensation managers and traders bonus Pauget report. And even if some investment banks rekindled with the excesses of the past. Because if it does not respect these principles, it will not come to complain that the legislature is in blends, including using tax prerogatives. As the leaders retreats, once there is a general reform of pensions in preparation, do me not possible to leave outside leaders retreats.