Start of EU clearing mandate could drag into 2015

euro in black light

With the first clearing mandates for some interest rate and credit derivatives products now in force in the US, attention is turning very much to Europe. Most people had expected mandatory clearing in the European Union to start next year, but there is a growing sense that the process will probably stretch into 2015 – and possibly into 2016.

The process for setting a clearing obligation starts only when a national authority approves a central counterparty (CCP) to clear a class of over-the

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