(MENAFN- AFP) Europe took a key step towards tighter regulation of financial markets late Tuesday when the European Parliament and negotiators for the 28 member states agreed a deal in principle after two years of talks.The new rules for markets in financial instruments, known as MiFID II, aim to close loopholes in existing legislation to curb speculative trading in commodities and regulate high-frequency trading so as better to protect investors and make markets safer."I welcome the agreement in principle reached today by the European Parliament and the Council on updated rules for markets in financial instruments," said the EU's Financial Markets Commissioner Michel Barnier."These new rules will improve the way capital markets function to the benefit of the real economy," he said in a statement."They are a key step towards establishing a safer, more open and more responsible financial system and restoring investor confidence in the wake of the financial crisis."
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