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BIS Aims To Create Financial Product Pharmacist

The Bank for International Settlements has radioed in with its doomed-to-fail regulatory proposal for financial products. Following in the footsteps of an industry that has done a stellar job limiting access to potentially harmful and addictive products, the BIS wants to use pharmaceuticals as a template for financial products.

"In a scheme analogous to the hierarchy controlling the availability of pharmaceuticals, the safest securities would, like non-prescription medicines, be available for purchase by everyone," the BIS, which acts as a forum for the world's central banks, said in its annual report.
"Next would be financial instruments available only to those with an authorization, like prescription drugs; another level down would be securities available only in limited amounts to pre-screened individuals and institutions, like drugs in experimental trials," the BIS said.
"Finally, at the lowest level would be securities that are deemed illegal."

Incredibly, by advocating supply restrictions on certain products, the BIS may have found a way for the boxes-and-arrows crowd to make even more money on structured products.
BIS wants financial products ranked like medicines [Reuters]