Next year has been painted as a crunch time for European derivatives reform. Much of the European Market Infrastructure Regulation (Emir) will be rolled out across the European Union (EU), with the centrepiece of the rules – the mandatory clearing of standardised over-the-counter derivatives – widely anticipated to begin in mid-2014, bringing the region in line with the US, which started mandatory clearing from March this year.
That expectation is starting to look optimistic. Growing numbers of
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