Lawmakers are set to do battle over a draft law by the European Commission aimed at splitting risky trading practices from basic banking services in Europe’s banking giants.
Last January, former financial services commissioner Michel Barnier presented a bill on bank structure reform featuring a ban on so-called proprietary trading, where banks bet exclusively with their own money rather than customers' money, to be agreed and enforced by 2017.
Proprietary trading now only accounts...
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Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.