CCPs should have last word on OTC clearing, says FOA

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Central counterparties (CCPs) should be able to refuse to clear certain types of over-the-counter derivatives if they are not willing to take on the risk, according to Anthony Belchambers, chief executive of the Futures and Options Association (FOA). Draft European legislation originally gave the European Securities and Markets Authority (Esma) the power to create binding clearing obligations – a clause that has proved controversial.

"I think there is a tension between regulatory policy that has

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