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March 28, 2015

Financial Markets Left Out of US-EU Trade Talks

“The Obama administration has set itself up for a fight with Wall Street after resisting European demands to include financial services regulation in transatlantic trade talks,” reports the Financial Times. The decision is based on concerns that “the talks could be used by banks to circumvent tough rules stemming from the 2010 Dodd-Frank law, and as a way for Europeans to delay their own reforms.”

“The tensions come ahead of the first round of formal discussions this week in Washington, aimed at sealing the world’s largest free trade agreement by the end of next year to boost sluggish economies on both sides of the Atlantic. The dispute follows regulatory concerns over Washington’s attempts to enforce US rules on financial activity in other jurisdictions, most controversially regarding derivatives trading.”

“It also adds to other hurdles expected in the trade talks, which include issues in the farming and cultural sectors as well as data privacy regulation.”

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