Last year saw central clearing of over-the-counter derivatives trades formally enshrined in legislation. In the US, the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law in July, while proposals on OTC derivatives reform published by the European Commission in September are likely to be adopted by the European Parliament early this year. Central clearing is the main link between both pieces of legislation.
Regulators have long signalled their intention to take this ro
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