US firms frustrated by EU clearing timeline

The bulk of Europe's derivatives users will not be required to clear until 2016, under new proposals; some US firms worry this will reinforce a transatlantic liquidity divide

US markets

Thousands of European derivatives users will not have to clear their trades until April 2016 at the earliest under a timeline proposed by the European Securities and Markets Authority (Esma) on Friday. That is three years after comparable rules took effect in the US, and there is a real possibility clearing may not start for the lion's share of European firms until December 2016.

That prospect worries some US market participants, who fear the long transatlantic lag will stifle the growth of swap

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