ECB’s Trichet urges global hedge fund regulation
Monday, February 23, 2009 : PermalinkReuters – Hedge funds, credit rating agencies and all other important market players should be subject to regulation based on a global approach, European Central Bank President Jean-Claude Trichet said on Monday.
The worst financial crisis in over 80 years has sparked a rethink of how markets should be supervised to cut excessive risk-taking by banks.
"The current crisis is a loud and clear call for extending regulation and oversight to all systemically important institutions — notably hedge funds and credit rating agencies — as well as all systemically important markets — in particular the OTC derivatives market," Trichet said.
"What is currently under discussion is the precise way in which these elements should be integrated within an overall regulatory framework," he told a conference on supervision.
Tags: bank president, banks, credit rating agencies, elements, excessive risk, financial crisis, global-approach, institutions, jean claude trichet, otc derivatives market, oversight, regulatory framework, rethink, reuters, supervision
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