Wikileaks Exposes Super Secret, Regulation-Gutting Financial Services Pact

Posted on June 20, 2014 by Yves Smith

Wikileaks published an April draft of a critical section of pending “trade” deal called the Trade in Services Agreement, which is being negotiated among 50 countries, including the US, the member nations of the EU, Australia, Canada, Chile, Costa Rica, Hong Kong, Iceland, Israel, Japan, Liechtenstein, Mexico, New Zealand, Norway, Panama, Peru, South Korea, and Switzerland. TISA would liberalize, as in reduce the ability of nations to regulate, a large range of services.

The document that Wikileaks exposed on Thursday is a portion of the financial services section. It is clearly designed to serve the pet interests of big international players. This agreement is designed to institutionalize the current level of deregulation as a baseline and facilitate the introduction of new products, further ease the movement of funds, data, and key personnel, and facilitate cross-border acquisitions and other forms of market entry.