BIS position on OTC clearing eligibility at odds with EC

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Yesterday's speech by the Bank for International Settlements' monetary and economic chief threw light on a significant policy gulf between the BIS and the European Commission.

In a speech at a New York conference organised by the Squam Lake Group of US academics, Stephen Cecchetti, head of the monetary and economic department at the BIS, said standardised contracts can be designed for almost all risk types and work well as hedging tools.

"Current reforms focus on ensuring central clearing for ‘s