European derivatives draft to be published for consultation within days

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The European Commission (EC) is set to publish a draft version of legislation on over-the-counter derivatives this week, to gather industry feedback before proposing a final text to the European Parliament in the third quarter, a senior EC official said today.

"In Europe, we do believe in public consultation and we do believe in impact assessments. We hope to put forward a public consultation on our draft legal texts this week, hopefully within 72 or even 48 hours," said Patrick Pearson, head of

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