Timing tension – Europe clearing deadline set to slip
Mandatory clearing in Europe is widely expected to start from next year, but the complex authorisation process, combined with the variety of collateral segregation models, means the start date for some clients could be much later. Tom Osborn reports
Next year has been painted as a crunch time for European derivatives reform. Much of the European Market Infrastructure Regulation (Emir) will be rolled out across the European Union (EU), with the centrepiece of the rules – the mandatory clearing of standardised over-the-counter derivatives – widely anticipated to begin in mid-2014, bringing the region in line with the US, which started mandatory clearing from March this year.
That expectation is starting to look optimistic. Growing numbers of
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