According to Bloomberg, the European Union has successfully come to an agreement on a market rule overhaul that will tighten measures to regulate the derivatives market, slowing down high frequency trading and curbing speculation in commodity derivatives.

The market rule overhaul will push more activity onto regulated platforms in hopes of eliminating some of the risk involved with derivatives trading, which have been cited as playing a major role in the financial crisis of 2008.

The deal has been a long time coming; the market rule overhaul is the product of two years of negotiating by the EU financial services chief Michel Barnier.

The deal they have agreed on is considered to be the centerpiece of new regulation the 28-nation bloc has agreed to implement.

Among the issues the market rule overhaul will cover, certain derivatives in the electricity and gas markets will be moved to trading platforms, though some will also be granted exemptions due to being covered by other EU regulation.

While the deal has been agreed upon, it must still go through a formal approval process. The rules set forth in the deal will not go into effect for at least two and a half years after it is formally approved.