UK faces defeat to EU on key derivatives regulation

[AtW]

The Financial Times reported on Thursday night that Chancellor George Osborne is expected to break from next week’s Conservative party conference in Manchester and travel to Luxembourg to seek a reprieve over the derivatives regulation, as well as press for action on the eurozone crisis and fight a proposed financial transaction tax that would hit trades that are overwhelmingly routed through the City of London.

He is insisting that EU finance ministers continue to debate new requirements for clearing derivatives, in spite of European finance ministers stating that the UK Government is alone in opposing the package.

Most EU nations want to override UK objections and ask finance ministers to confirm a joint position at their meeting on Monday, enabling negotiations to begin with the European parliament.

The FT reported that in a heated meeting of EU ambassadors, Britain warned that rejecting its views on a London-based industry would have “consequences”, not least in enraging eurosceptics in Westminster calling for Britain to reclaim powers from the EU.

Britain holds a veto on taxation and has allies in opposing measures such as the proposed EU financial transaction tax. (AtW's comment: like whom??!?!)

Source: UK faces defeat to EU on key derivatives regulation - Telegraph

[sasguru]

Fook them Eurotwats. Lets take our destiny in our hands, start trading round the world and in our ex-colonies like we used to do and dump the sclerotic Eurobores to whom we contribute far too much money for no benefit.

[minestrone]

The idea that you can tax OTC trades is ludicrous.

They will be going for a glass tax after this.