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"We must not let daylight in upon the magic," Walter Bagehot warned about the British monarchy. For the world of derivatives, however, more daylight is essential.
Some of Europe's largest industrial companies have warned they could shift their financial hedging away from Europe if proposed reforms of the vast over-the-counter (OTC) derivatives markets go ahead as proposed by the European Commission.
The level of standardisation in the over-the-counter derivatives market is "unacceptable", a senior European Union official warned industry players Thursday night.
EU internal market commissioner Charlie McCreevy described...
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