Traducción de «Garantía de opción » (Español → Inglés) :

The competent authorities may also allow the capital requirement for an OTC commodity 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 associated 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.

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 requir ...[+++]ed by the clearing house 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 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.

I have therefore asked Philippe Maystadt, the President of the European Investment Bank, to work with me in seeking new sources of funding, exploring all possible options such as Union guarantees and special borrowing facilities.

Although these reports express some concern about universal access, minimum environmental rules, information and guaranteeing consumer choice and security of supply in every country, the fact is that taking the route towards the liberalisation and total opening up of the market will undermine these concerns.

There are further guarantees that Member States will not use the freedom of manoeuvre offered by the treaty in such a way that the free passage of individuals is, in practice, unnecessarily impeded.

So either we stop beating about the bush, so that everyone knows what they can be for or against, or we operate a well-balanced and proportional system with guarantees for the disabled, people who live in rural areas and have no choices, and the competition position of the Union.