EU Council questions Esma’s power to determine clearing eligibility

Legal precedent suggests European Commission might have to determine which contracts should be cleared under new derivatives rules, rather than Esma as originally planned


Debate has broken out in Brussels over whether the newly created European Securities and Markets Authority (Esma) has the legal authority to determine the eligibility for mandatory clearing of different classes of over-the-counter derivatives, including foreign exchange.

In article 4 of the regulation on OTC derivatives, central counterparties and trade repositories adopted by the European Commission (EC) in September 2010, the EC suggested Esma should be authorised to determine, on the basis of

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