May 12, 2020 / 4:02 PM / in 25 days

EU banking watchdog to crack down on 'cum-ex' trading schemes

LONDON, May 12 (Reuters) - The European Union’s banking watchdog has proposed an action plan to crack down on so-called cum ex trading schemes that could pose a threat to financial markets and national budgets.

These schemes have been a focus in Germany, with the country estimating that they have cost the state more than 5 billion euros ($5.4 billion) in lost tax revenue. ($1 = 0.9204 euros)

Reporting by Huw Jones Editing by David Goodman

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