Rule changes make it harder for small firms to use CCPs - Risk.net poll
Esma's decision to make indirect clearing an optional service could leave smaller firms without clearing access, according to a poll of Risk.net readers
Smaller firms in Europe will find it harder to clear over-the-counter derivatives as a result of rule changes from the European Securities and Markets Authority (Esma), according to two-thirds of respondents to a Risk.net poll. Esma had proposed that a service designed for these smaller market participants – known as indirect clearing – would have to be offered by all members of a central counterparty (CCP), but abandoned that position when it finalised the rules on September 27. Instead
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