Extraterritorial clash continues for clearing houses

Derivatives users have long come to terms with varying global timelines for the reform of the over-the-counter derivatives market. The US was first to move with the Dodd-Frank Act, with the initial mandatory clearing mandates – for swap dealers, major swap participants and so-called active funds – coming into effect on March 11. Europe is further behind – the European Market Infrastructure Regulation (Emir) came into force last August, but it will be several months before central clearing