EU’s further intragroup clearing relief: banks want more

Esma proposes to extend exemptions from clearing obligation but industry wants permanent solution

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Derivatives bankers across the European Union must have heaved a collective sigh of relief when the markets regulator said key exemptions from the clearing obligation should be extended. The problem is that is no replacement for a permanent solution.

This is the industry’s verdict on a September 27 proposal by the European Securities and Markets Authority (Esma) to delay until December 21, 2020 the obligation to clear certain intragroup trades with affiliates in non-equivalent jurisdictions.

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