Reform focus shifts to EU

With financial reform a virtual done deal in the United States, eyes turn toward the European Union, which has promised changes of its own.

Among the stiffer guidelines expected are tighter rules on short-selling and tougher regulations on European hedge funds. Regarding OTC derivatives, European regulators are likely to go even further than the compromise reform legislation that has passed the U.S. House and is waiting on a vote in the Senate.

The current timeline calls for an EU agreement to be reached in September.

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