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“The absence of any regulatory framework for OTC derivatives contributed to the financial crisis and the tremendous consequences” Michel Barnier, EU |
The European Union internal market commissioner, Michel Barnier, last month unveiled his proposals to regulate the $615 trillion over-the-counter derivatives markets. Barnier was typically combative when he announced his plans. “No financial market can afford to remain a Wild West territory. The absence of any regulatory framework for OTC derivatives contributed to the financial crisis and the tremendous consequences,” he told reporters on September 15.
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