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Tuesday, 05 October 2010

EU to wage war against speculation on commodity markets

Brussels, like Washington, is planning to launch measures to regulate commodity exchanges and curb speculation, as well as step up transparency in food trade after the recent surge in agricultural commodity prices."We are examining with care rules adopted in the United States (in raw materials markets), and notably those concerning position limits or powers given to regulators, including a mandate against speculation," said EU Internal Market Commissioner Michel Barnier. "We are ready to be pioneers too, if possible," Barnier added during a two-day conference in Brussels on financial services, which ended 21 September.The commissioner underlined that the planned reform of the law, known as the Markets in Financial Instruments Directive (MiFID), and the envisaged review of the EU directive on market abuse will provide an opportunity for "an ambitious overhaul of the markets of raw materials".

Source: Euractiv