Switzerland’s Young Socialist party gained 130,000 signatures which under the country’s direct democratic system is enough to require the country to hold a vote on whether to ban speculation in agricultural commodities. Under the Swiss system the parliament can also propose alternate legislation which is usually more moderate. Commerzbank and DekaBank have reduced their agricultural investments under pressure from outside sources and Rothschild has announced it is pulling out of livestock and soft commodities. Industry insiders don’t believe the vote would have much impact if passed because the main commodities trading exchanges are not Swiss, and the trade is far too international for it to be affected. The Swiss Cabinet is also considering a law on transparency rules that would target unlisted trading houses for the first time.
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