Fast-starting Esma will still run out of time, critics say

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The European Securities and Markets Authority (Esma) is out of the blocks in its sprint to meet an end-September deadline for the technical standards required by Europe's new over-the-counter derivatives and reporting rules – but despite the publication of a discussion paper last night, just five working days after the high-level rules were agreed on February 9, many observers feel the authority does not have enough time to do a good job.

"It's a lot of work all round – it's a lot of work for

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