Europian Union unveils crackdown on derivatives

[zen]

European Union presented a set of new rules regarding derivatives trading and short selling. I would be interested in hearing your opinions about how the new rules might affect the financial industry as a whole. Also, what type of jobs might suffer and what new opportunities may arise.
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Here is the link to the CNN article:
http://edition.cnn.com/2010/BUSINESS/09/15/eu.derivatives.crackdown.ft/index.html?hpt=Sbin
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More about the new regulations:
http://ec.europa.eu/internal_market/financial-markets/derivatives/index_en.htm

The proposal itself:
http://ec.europa.eu/internal_market/financial-markets/docs/derivatives/20100915_proposal_en.pdf
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Impact assessment:
http://ec.europa.eu/internal_market...derivatives/20100915_impact_assessment_en.pdf
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A summary of impact assesment:
http://ec.europa.eu/internal_market...ves/20100915_summary_impact_assessment_en.pdf
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[DominiConnor]

There is a complex dynamic here...

France really hates the fact that it is not the home of a serious financial market, Germany is torn between a distaste for Jewish finance and a desire for the money and jobs it brings.

Britain is pathetically dependant upon financial services. London may be a bigger financial centre than New York, but embedded in a vastly smaller economy, banks are to Britain, like oil is to Iran.

Thus the EU wants to screw over London, but unlike the US where the Federal government acts on a sort of majority basis, Britain has veto power over lots of things.

Bankers are not popular anywhere at the moment, and so there is something the Franco German nationalists can use. Britain is a bit divided within itself, the media loathes banks, because most of its staff are left wing low paid arts grads with educations that wouldn't get them an interview at a decent firm. But the reality is that Britain must thwart the Europeans or the economy goes tits up.