New frontloading threshold stirs up MEPs

"Hard to see" how plans honour EC pledge to avoid harm, says Swinburne

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Uncertainty: it's not clear when the RTS will take effect

When the European Securities and Markets Authority (Esma) released final proposals for the clearing of interest rate swaps on October 1, it looked like the industry had won a key battle – the regulator chose to stagger the clearing deadline for financial counterparties, rather than force thousands of firms to start clearing at the same time.

The first wave of these firms would fall into a new category two, with the deadline arriving 12 months after Esma's regulatory technical standards (RTS)

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