NEW YORK, June 7 (Reuters) - Confectionery company Mars Inchas joined oil companies BP Plc and Royal Dutch Shell Plc tooppose planned new European financial market regulations,arguing that they would increase volatility and reduce liquidityin raw materials markets, according to a report by the FinancialTimes on Sunday.
The companies, along with the European Cocoa Association, aswell as commodity trader Vitol, have signed a letterto the European Commission noting a "significant unintended riskof damaging the markets", the report said. The firms argued thatthis would in turn push up the price of consumer goods rangingfrom food to energy.
The parties also include the Intercontinental Exchange, Eon,RWE and Euronext. They also expressed concern that the ruleswould increase the cost of trading and hedging.
The comments were in response to Europe's authoritiesconducting a final review of the Markets in FinancialInstruments Directive to guard against systemic risks in equity,fixed income and commodity markets, the Financial Times said. (Reporting By Catherine Ngai; Editing by Kevin Liffey)
BP (BP.)
