ESMA targets clearing as reg shift looms
The European Union this week added to the sense that global derivatives market regulation is set for a shake-up, with the European Securities and Market Authority calling for changes to “third country” central counterparty treatment and for a softer stance on how some market participants adhere to clearing rules.
The chairman of the ESMA, Steven Maijoor, complained of a mismatch in the treatment of EU central counterparties by other regulatory authorities versus that of overseas CCPs operating in the EU, at a time when a change of US regulatory direction also appears imminent.Maijoor used his keynote ...
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