Long stay parking: G-Sibs seek BRRD swap stays exemption

Resolution authorities do not want systemic implications of extended moratorium, say banks

Swaps markets are global by nature, and proposed European Union rules that would fundamentally change the position of a bank’s derivatives counterparties in the event of its failure have inevitably triggered fears over the competitive position of EU dealers.

The rules in question are extended close-out stays on derivatives, proposed under the updated Bank Recovery and Resolution Directive. In plans put forward by the European Commission in November 2016 and supported by the banking union’s

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