EC lays out plan to control euro clearing
The European Commission made a play to snatch euro clearing business for the eurozone this week, proposing new powers to force the relocation of what it terms systemically important third-country clearing houses that clear euro denominated derivatives. Costas Mourselas reports.
The proposal amends the European Market Infrastructure Regulation (EMIR), which legislates for the mandatory collection of initial and variation margin for various over-the-counter (OTC) derivatives, both in and out of central counterparties (CCPs).
While the proposal was not as aggressive as some had feared, market participants have raised
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