One Year Ago In Derivatives Week
Banks and trade associations vigorously defended close-out netting in response to the European Commission's proposals on Capital Requirements Directive IV. The proposals would base leverage ratios on essentially the un-netted value of bilateral contracts. [A number of members of the European Parliament's Economic and Monetary Affairs Committee called on the Commission to design leverage ratios that take into account netting for derivatives (DW, 6/30/10). CRD IV was delayed and is now slated for publishing in June along with a quantitative impact study.]
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