Industry confused by EU’s ‘bingo card’ clearing rules

Uncertainty over definition of representative trades in Emir active account requirement

EU bingo montage

Market participants warn the complex requirements proposed by the Council of the European Union for local firms to clear a proportion of euro swaps onshore amount to a “bingo card” that would be difficult to implement if adopted at the end of the legislative process.

In its negotiating position, adopted on December 6, the Council suggests EU firms must clear a “representative” portion of their trades onshore over a set period of time. The concept of representativeness requires the slicing and

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