Industry fears Mifid shake-up of futures clearing

Esma weighs blanket use of stricter OTC rules on indirect clearing

EC: supervision must be "consistent"

Dealers fear European rules designed to broaden access to over-the-counter derivatives clearing houses could be extended to the futures market, where a similar service already exists but is subject to much looser rules. If the stricter OTC standards were applied in the exchange-traded world, the service would require a radical rethink and may not be possible at all, banks and industry bodies argue.

The concerns were sparked by the European Securities and Markets Authority (Esma), in its draft