Exceptions to the rule

Rankings 2005

Creating a level playing field in which financial instruments can be traded in any EU country under the same set of rules is the eminently sensible objective underpinning the Financial Services Action Plan (FSAP), set to bring some changes to commodity trading by next year.

But creating a uniform regulatory background for an enormously diverse set of trading instruments is fraught with potential difficulties, and some trade bodies fear commodity firms could be disadvantaged. On the one hand

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