The struggle for consensus on European clearing addendum
The move to central clearing poses a huge documentation challenge. A standard template has been developed for European derivatives users – but will this solve the problem? By Duncan Wood and Lukas Becker
For nearly a year, every Monday afternoon has been blocked out in the calendars of many European derivatives lawyers. Each week, two groups – one representing the largest dealers and the other involving 25 or so buy-side firms – would hold separate calls to decide on their strategies. The two sides would then square up in a joint conference call between 3pm and 6pm.
Their purpose has been to
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