September 29, 2009 / 4:30 PM / in 8 years

Italy's Berlusconi backs ban of futures markets

ROME, Sept 29 (Reuters) - Italian Prime Minister Silvio Berlusconi said on Tuesday futures’ markets should be heavily regulated and possibly even scrapped altogether to fight speculation.

“I myself put this issue on the table at the G8, G14 and last week at the G20,” Berlusconi told a TV talk show, adding that the International Organisation of Securities Commissions (IOSCO) was looking into the matter.

“We have given a mandate to IOSCO to look at the futures markets with the aim of regulating them and, above all, perhaps even banning them,” he said.

He mentioned oil, steel, copper and food commodities as examples of markets where speculation played a heavy role.

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