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WORLD

EU MOVES AHEAD WITH FINANCIAL REFORM

16.09.2010 [16:32]
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Baku, September 16 (AZERTAC). The European Union is targeting more of the financial practices that are blamed for prompting the financial crisis.

European Union Internal Market Commissioner Michel Barnier laid out proposals Wednesday to establish clear rules for so-called "short selling" and the trading of derivatives.

"Short selling" allows investors to bet that the price of something will fall, and has been blamed for destabilizing vulnerable markets.

The proposals also call for financial firms and investors trading in derivatives to give regulators more information. Derivatives are complex financial instruments based on the value of some other product.

Barnier said the proposed rules are in line with restrictions already put into place in the United States.

The proposals could take effect in 2012 if they get the backing of EU governments and the European Parliament.

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