Eurex CEO slams European clearing mandate delay

The global nature of OTC derivative markets means a synchronised approach to clearing is required, according to Andreas Preuss, Eurex chief executive

Andreas Preuss, Eurex (© Frank-Jurgen Richter)

The European Union's decision to delay the introduction of its over-the-counter derivative clearing mandate to 2015 is "unfortunate" and creates an "implemented disadvantage" for the aim of increasing safety in the sector, according to Andreas Preuss, chief executive of Frankfurt-based Eurex.

US authorities implemented the first stage of mandatory clearing in March 2013, when swap dealers and major swap participants were obliged to push their OTC interest rate and credit default swap trades

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