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Oil giants wage war on EU over price speculation

New rules for hedging of oil prices could spur companies to move jobs out of Europe. Oil giants like BP and Shell are currently threatening the UK’s positions as a financial hub.

Photo: Neas Energy, PR

A number of the biggest oil traders in the world could be ready to equip their corporate finance employees with a one-way ticket out of London to New York or Singapore, according to Financial Times.

The reason for the looming exodus is that EU is in the process of implementing new financial requirements for companies trading commodities – the so-called Mifid 2 rules. A draft proposal from European authorities aim at imposing far stricter rules on oil companies’ trade with financial products, a strategy which currently helps them manage risks tied to the unruly and unpredictable oil prices.

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