EU banks ‘will play for time’ in stand-off over India’s CCPs

Lawyers say banks are unlikely to set up subsidiaries and will instead pin hopes on revised Emir fix

India no entry

European Union clearing members face an unpalatable choice regarding their activities at Indian central counterparties after the European Securities and Markets Authority failed to reach agreement with India’s regulators over recognition of the country’s derivatives clearing houses.

Following Esma’s ban on EU firms clearing at Indian CCPs last October, EU banks can either dissolve their Indian branches and establish local subsidiaries; or they can wait for a possible amendment to the European

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