Review of 2013: Grave new world
Clearing, execution, reporting – three elements of the reforms agreed by the Group of 20 nations in 2009 are now a reality in the US, but if the industry made it look easy to start using central counterparties (CCPs), the long-awaited arrival of swap execution facilities (Sefs) more than made up for it. Platforms were caught out by the now-infamous footnote 88, which radically expanded the scope of the rules, and all participants struggled to work out how and whether clearing could be guaranteed
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