Leaked EU doc could shield legacy swaps from clearing grab
Council paper being debated today sets terms for swaps clearing landgrab
Existing derivatives trades and some clearing services could be protected from any grab for the clearing of euro-denominated trades, under proposals being considered by policymakers in Brussels today (October 13), according to a leaked paper by the Council of the European Union obtained by Risk.net.
The paper sets out conditions that would need to be met before the European Commission could rule that an offshore market has to be cleared within the eurozone. It tells the EC to consider the
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