June 13 (Bloomberg) -- European Union nations reached a provisional deal on a sweeping overhaul of the bloc’s financial market rulebook that would toughen oversight of high-frequency trading and push more transactions onto regulated platforms.
Ambassadors from the EU’s 27 nations overcame obstacles to an accord at meetings yesterday and today in Brussels, according to EU and national officials.
The draft plans, which must also be approved by the European Parliament to take effect, are set to be detailed and reviewed over the coming days so a deal can be confirmed following talks on June 17, according to the two officials, who can’t be cited by name, in line with their organizations’ policy.
Ireland, whose EU presidency runs out on June 30, urged countries this month to accept “difficult compromises” for the sake of an accord on the law, which triggered clashes between the U.K. and Germany over provisions to boost competition in the market for clearing derivatives trades. Ireland is targeting a deal on the law next week, according to a spokeswoman for the presidency, who can’t be identified under government rules.
The updated law would regulate activities from investment advice to speculation with commodity derivatives and rules on management of trading platforms.
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