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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