EC’s OTC derivatives rules leave questions unanswered

Testing Esma

The long-awaited publication of proposed regulation on over-the-counter derivatives by the European Commission (EC) on September 15 was expected to be a landmark moment, but in the end it was more of a damp squib. Widely leaked in advance, the text contained few surprises and left some of the most important technical details to be determined further down the line by a new pan-European supervisory authority. As the text now passes to the European Parliament and European Union (EU) member states