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E.U. Targets Commodity Market Speculation as Prices Soar
23.09.2010 11:59 "Agro Perspectiva" (Kyiv) —
The European Commission is taking aim at growing speculation and volatility in commodity markets, using its plan to reform wider financial markets, just as European Union grain futures hit contract highs on Monday [Sept. 20].
Michel Barnier, the European Commissioner in charge of financial reform services, said at a conference that he wanted to use a planned revision of the Market in Financial Instruments Directive (MiFID) to reform commodity markets.
«The revision of MiFID is one of the key elements of an ambitious reform of the raw materials markets,» the E.U.s financial markets chief said, stressing that commodity market regulation was high on his agenda.
«We are ready to go further. This is a key issue. We will not hesitate to consider further measures,» Mr. Barnier added.
European commodity markets are under pressure to tighten regulation as the United States pushes forward with plans to tame speculative activity, blamed by some for boosting food and energy prices to record highs in 2008.
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