Post-crisis derivatives regulation has failed to shift commodity trading from over-the-counter markets to exchanges and is unlikely to achieve this key aim any time soon, if ever, says recently retired Icap Energy founder Paul Newman.
Regulations such as the 2010 US Dodd-Frank Act and the 2013 European Market Infrastructure Regulation (Emir) encourage firms to move trading out of OTC markets on to exchanges by mandating and favouring clearing. However, despite years of regulatory effort, Newman
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