Curbs on speculative trading passed in Germany

BERLIN: Germany's upper house of parliament has approved a plan to formalize and extend curbs on speculative trading practices following the country's abrupt imposition of restrictions in May.

The chamber, which represents Germany's 16 states, gave its approval Friday to the government bill. It now needs only President Christian Wulff's signature usually a formality to take effect.

Germany's regulator has banned so-called naked short-selling of eurozone government debt and major financial stocks, as well as naked credit default swaps involving eurozone debt.

The legislation extends the ban to all stocks traded on German exchanges.

The government says its bill is aimed at speeding agreement on stronger European rules.