Lord Turner attacks EU as clampdown is unveiled
The chairman of the Financial Services Authority last night attacked heavy-handed European legislation in response to the financial crisis on the day the European Union announced a market clampdown.
In a speech at the Mansion House, Lord Turner said pending European rules could reduce the UK financial authorities' ability to act in Britain's interests.
He told his City audience: "European capital adequacy regulation should enforce minimum standards across the European Union,,wholesale POLO Ralph Lauren SERIES, but it should leave national authorities free to exceed and vary them above the minimum.
"The idea that securing the single marChina nfl jerseys wholesaleket requires the harmonisation of maximum as well as minimum standards is simply wrong and potentially harmful."
Lord Turner made his warning after Brussels unveiled tough new measures to rein in high frequency trading and exert more control over commodities, equities and off-exchange derivatives.Nfl teams jerseys shop
The long-awaited measures, known as Mifid, call for high-frequency traders to be properly regulated and for rules to limit them moving in and out of markets.Dolphins jerseys wholesale The use of computer programs to trade securities in an instant has been under attack for exacerbating market volatility.
Commodity traders have also been accused of driving up world food prices. Mifid proposes setting position limits for commodity derivatives across the region Epson Projector Lampif national rules were judged ineffective.
The chairman of the Financial Services Authority last night attacked heavy-handed European legislation in response to the financial crisis on the day the European Union announced a market clampdown.
In a speech at the Mansion House, Lord Turner said pending European rules could reduce the UK financial authorities' ability to act in Britain's interests.
He told his City audience: "European capital adequacy regulation should enforce minimum standards across the European Union,,wholesale POLO Ralph Lauren SERIES, but it should leave national authorities free to exceed and vary them above the minimum.
"The idea that securing the single marChina nfl jerseys wholesaleket requires the harmonisation of maximum as well as minimum standards is simply wrong and potentially harmful."
Lord Turner made his warning after Brussels unveiled tough new measures to rein in high frequency trading and exert more control over commodities, equities and off-exchange derivatives.Nfl teams jerseys shop
The long-awaited measures, known as Mifid, call for high-frequency traders to be properly regulated and for rules to limit them moving in and out of markets.Dolphins jerseys wholesale The use of computer programs to trade securities in an instant has been under attack for exacerbating market volatility.
Commodity traders have also been accused of driving up world food prices. Mifid proposes setting position limits for commodity derivatives across the region Epson Projector Lampif national rules were judged ineffective.
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