Infrastructure

OTFs and Sefs: equivalence in doubt

European legislators are close to finalising their derivatives execution rules, but trading platforms are concerned the OTF framework may be sufficiently different to US Sef rules to scupper any chance of equivalence determinations. By Tom Osborn

Regulators clash on Mifid waivers

Some regulators and brokers have expressed fears that exemptions included in Mifid may mean European rules on trade execution are not equivalent to the US – but a key parliamentarian disagrees

Pooled funds in clearing limbo

Pension funds will not have to clear in Europe until at least mid-2015, but what about the vehicles some use to scale up their hedging transactions? As things stand, lawyers are giving different answers – and the industry wants regulators to clarify the…

Timing tension – Europe clearing deadline set to slip

Mandatory clearing in Europe is widely expected to start from next year, but the complex authorisation process, combined with the variety of collateral segregation models, means the start date for some clients could be much later. Tom Osborn reports

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