EU draft law agreed to curb banks’ risky trading

EU finance ministers have agreed on a draft law to rein in trading risks at banks that exempts Britain’s lenders because they already face similar curbs.

The deal marks a coup for Britain whose own banking reform will be accepted as a substitute for the EU law as the country gears up for a referendum on its membership of the 28-country club, with financial services a key focus.

At a meeting yesterday, the bloc’s finance ministers gave the green light to the new EU rules, aimed at preventing a repeat of the 2007-09 financial crisis. Talks will now start with the European Parliament on the final text to become law.