News in brief: get tough, says European Parliament

European Parliament wants derivatives rules toughenedThe European Parliament yesterday adopted a resolution put forward by its Economic and Monetary Affairs Committee, which called for proposed EU rules on derivatives trading to be made clearer and tougher. The parliament wants to reduce speculative trading and would like derivatives to be traded through “open channels that are subject to rules” as much as possible.The resolution is in favour of “abandoning the prevailing view that derivatives need no further regulation because they are only used by experts and specialists”. It advocates strict rules to prevent speculators and inexperienced users building up dangerous levels of risk.The assembly called for...