Tonight a crucial vote on anti-hedge fund and private equity legislation will take place that could be disastrous for European (read UK) based hedge funds. And following swiftly on its heels the EU is announcing tough new rules for derivatives traders.

EU Financial services commissioner Michel Barnier yesterday said he would draft legislation forcing all derivatives products and trading to be registered with trade depositories that regulators could access. Added to which he would also introduce capital and liquidity rules.

Going for a bit of vampire analogy…

“These people don’t like coming out in the light so we are going to flood them with light,” he said.

Not very Blade-esque.