EC's CRD IV says dealers can ignore portability risks

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It's been rare, in the post-crisis environment, to find a banker who will argue regulatory reform doesn't go far enough – but dealers have been shocked by the European Commission (EC) stance on portability, laid out for the first time on Wednesday in CRD IV, the text that will implement new capital and liquidity rules in Europe.

Portability means one dealer commits to accept clearing clients from a defaulting competitor, a potentially huge contingent funding obligation that has dissuaded many

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