Little will be done to curb harmful food speculation today as EU finance ministers meet to approve their position on the new Markets in Financial Instruments Directive (MiFID II) – which sets new regulations for financial markets. According to a broad coalition of environmental and development organisations, loopholes in the legislation will render it ineffective to prevent food speculation, and the resulting food price spikes that hit the poorest the hardest.
Brussels, September 26 - Today the European Parliament's Committee on Economic and Monetary Affairs (ECON) adopted its report on the review of the Markets in Financial Instruments Directive (MiFID). This piece of legislation is critical to achieve stronger regulation of commodity derivative markets and limit harmful financial speculation on food.
BNP Paribas is today being challenged over its involvement in food speculation by Friends of the Earth Europe and Friends of the Earth France, at its annual shareholders' meeting in Paris.
Brussels, January 12, 2012 – European banks, pension funds and insurance companies are increasing global hunger and poverty by speculating on food prices and financing land grabs in poorer countries, according to a new report released today (January 12) by Friends of the Earth Europe .
New rules proposed today by the European Commission will shed light on betting on food commodities by financial traders, but will not do enough to prevent speculation from fuelling high and volatile food prices. The warning comes from environment and development groups in a joint reaction to the new draft Markets in Financial Instruments Directive (MiFID II) and accompanying regulation.
Members of the European Parliament voted today on the European Markets Infrastructure Regulation (EMIR), the first ever legislative proposal put forward by the European Commission to regulate 'Over-The-Counter' (OTC) derivatives markets. NGOs welcome the agreed text as a first step to tackle excessive speculation in agriculture commodities by providing for transparency in completely opaque trillion Euro trade fuelling food price volatility and endangering the food security of millions in developing countries.