EC says Obama prop trading plans would be 'difficult' to implement

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The European Commission (EC) was blindsided by plans that would force banks to abandon proprietary trading – announced by US President Barack Obama on January 21 – and the idea runs counter to the way European institutions have traditionally been regulated, a senior EC official said today.

Speaking at a conference on the review of the Markets in Financial Instruments Directive (Mifid) at the London Stock Exchange (LSE), David Wright, deputy director-general in the EC's internal market and

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