EU pledges to rein in derivative trades

THE EU has pledged to rein in commodity derivatives trading.

Following a French call for urgent new rules after a summer of fears about the fallout from soaring grain prices, the EU commissioner responsible for financial trading rules, former French foreign and agriculture minister Michel Barnier, said he fully shared the concerns in Paris.

He wants control at European and world level of derivatives trading in energy, metals and agricultural products and will make proposals to EU member states and the European parliament next month.