Esma’s Maijoor: Frontloading rule due in weeks

Frontloading causes "uncertainty" for market participants, says Esma chairman, Steven Maijoor, but he declines to comment on the substance of its forthcoming rule

Steven Maijoor, Esma

The European Securities and Markets Authority (Esma) will publish rules on frontloading within weeks, according to Esma chairman, Steven Maijoor, who adds that the regulator is aware of the pricing headaches the provisions are causing. Frontloading is a requirement of Europe's incoming swap clearing rules that can force existing trades to be passed to a clearing house, potentially altering their cost structure.

"It is beneficial to inform the market as quickly as possible, and we will publish

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