Corporate derivatives users had nothing to do with the financial crisis, but – much to their dismay – quickly found themselves caught up in post-crisis attempts to rebuild the over-the-counter market. They had to respond equally rapidly or live with rules that would have forced them to use clearing houses and, as a possible consequence, stop hedging. In the fierce lobbying effort that followed – and that is ongoing today – Rolls-Royce played a lead role.
“The non-financial community has had to l
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