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EU agrees new rules on ‘shady’ derivatives

10 février 2012
« With this agreement, we are making a big step for financial stability. And we are substantially reducing the risk of a future financial crisis, with all its consequences on the real economy, growth, jobs and public budgets, » EU internal markets commissioner Michel Barnier said after clinching the deal.
« With this agreement, we are making a big step for financial stability. And we are substantially reducing the risk of a future financial crisis, with all its consequences on the real economy, growth, jobs and public budgets, » EU internal markets commissioner Michel Barnier said after clinching the deal.
Before the banking crisis in 2008, around €2 trillion of derivatives were bought and sold every day in London alone. The September 2008 Lehman Brothers bankruptcy – widely seen as the start of the financial crisis – was largely due to the derivatives market guaranteeing bets on mortgages and loans that went bust when the US housing bubble burst.

The new regulations aim to increase transparency in OTC derivatives.

Around 95 percent of derivatives are not traded on a transparent exchange but are privately negotiated, with few reporting obligations.

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