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

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)