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Big Bank Food Speculation: U.K. Blocks Move to End Rising Prices*
The UK is being accused of attempts to block EU reform to prevent food speculation. It took EU negotiators three years to agree on a regulation against speculation by banks and hedge funds which drives up food prices, aggravating the global hunger crisis.
The deal introduces new rules to limit speculation on products linked to what people eat, such as wheat, corn, soybeans or sugar. The new controls will set limits on the number of food contracts that banks and other finance institutions can hold, pushing traders to open their activity to greater public scrutiny.
Representatives of the EU’s 28 governments and EU lawmakers clinched the deal on the outlines of the Markets in Financial Instruments Directive (MiFiD) in Strasbourg late on Tuesday. The bloc’s executive arm, the European Commission, has promised that the rules on agricultural derivatives would
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