The derailment of the financial system, which led to one of the deepest global economic crises in history has its roots to a large extend in the high and often questionable complexity and opacity of financial markets/products.
The European Parliament and the EU Council established the European Supervisory Authorities (ESA) in 2011. These authorities are a mandatory corrective to the financial industry by establishing similar financial rules and supervisory practice all over Europe. One of the instruments available to them is the power to prohibit financial products that threaten financial stability. Supervisors should use this tool more often because there are more financial activities that threaten the orderly functioning and stability of financial markets.
Therefore, MEP Sven Giegold (Greens/EFA Group) launched a competition to find the most harmful and dangerous financial product traded on the markets. With your input and the help of an expert jury the most dangerous financial product shall be determined and brought to the awareness of the supervisory authorities.
More information here.