Should European authorities have followed the example of the US in rolling out clearing, phasing compliance and giving the European Securities and Markets Authority (Esma) the power to postpone start dates?
Although the Commodity Futures Trading Commission (CFTC) did implement a phase-in approach for different types of counterparties, the industry documentation produced by the Futures Industry Association and the International Swaps and Derivatives Association (Isda) was not available until very
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