Market begs EC for more time to mull euro clearing proposals
Firms given one month to respond on wide-ranging consultation around relocation of euro swaps
Banks and clearing houses are calling for more time to respond to a European Commission consultation designed to push derivatives clearing from London to the EU.
In a February 8 document, the EC put forward wide-ranging proposals that would shape the ability of banks and a broad sweep of buy-side firms – including government borrowers, pension funds and other parties – to clear derivatives trades at their chosen central counterparties. Suggestions range from the blunt – including a capital
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