German finance minister says derivatives law due in October

Schaeuble says government must act

Compass, change Compass, change

German Finance Minister Wolfgang Schaeuble called for greater financial regulation in Europe, saying that his government will introduce legislation to parliament in October regulating derivatives trading.

Implementing Basel III is the central task of banking regulation, Schaeuble said in a speech in Hanover today. Germany is pressing at European Union level for variable remuneration in the banking sector to be reduced and for contagion risks to be minimised, he said. Banking supervision is getting stronger powers to intervene, he said.

“When activities like high-frequency trading and short-selling are found to cause economic harm, they must be reined in,” he said.

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