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The AK basically welcomes the initiatives of the European Commission, which have been pursued on the basis of the G20 decisions to correct the deregulation and liberalisation of the financial markets, both of which were introduced at the beginning of the eighties of the last century.

The effort made to make the OTC market more transparent to enable the supervisory authorities to recognise systemic risks as early as possible, is a first approach. <br />Apart from that, the draft regulation aims at not much more than a statistical record of market procedures; however, it does not make an attempt to tackle the basic problem, namely to create a new market order by scrutinizing products and stakeholders and standardizing new quality regulations and requirements<br /><!--[if gte mso 9]><xml><o:OfficeDocumentSettings><o:RelyOnVML /><o:AllowPNG /></o:OfficeDocumentSettings></xml><![endif]--><!--[if gte mso 9]><xml><w:WordDocument><w:View>Normal</w:View><w:Zoom>0</w:Zoom><w:TrackMoves /><w:TrackFormatting /><w:HyphenationZone>21</w:HyphenationZone><w:PunctuationKerning /><w:ValidateAgainstSchemas /><w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid><w:IgnoreMixedContent>false</w:IgnoreMixedContent><w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText><w:DoNotPromoteQF 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