(Reuters) By Catherine Ngai – Confectionery company Mars Inc has joined oil companies BP Plc and Royal Dutch Shell Plc to oppose planned new European financial market regulations, arguing that they would increase volatility and reduce liquidity in raw materials markets, according to a report by the Financial Times on Sunday. The companies, along with the European Cocoa Association, as well as commodity trader Vitol, have signed a letter to the European Commission noting a “significant unintended risk of damaging the markets”, the report said. The firms argued that this would in turn push up the price of consumer goods ranging from food to energy. The parties also include the Intercontinental Exchange, Eon, RWE and Euronext. They also expressed concern that the rules would increase the cost of trading and hedging. The comments were in response to Europe‘s authorities conducting a final review of the Markets in Financial Instruments Directive to guard against systemic risks in equity, fixed income and commodity markets, the Financial Times said.
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Source: CTRM Center