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Food price speculation taken off the menu

Posted on 04 March 2013

An Oxfam report that accuses banks trading agricultural commodities of “speculating on hunger” is transmitting high-voltage shocks across the fund management industry. European banks are choosing either not to speculate on food prices on behalf of investors or to scrap funds tracking agricultural prices, following a scathing critique by the non-profit group’s Paris office.
The change in conduct has been dramatic. BNP Paribas, France’s largest provider of agricultural commodities funds, suspended a $214m agricultural fund. Crédit Agricole, meanwhile, shut three funds that permitted investors to speculate on agricultural commodities, although this was partly for economic reasons as the funds were small………………………………………..Full Article: Source


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