New frontloading threshold stirs up MEPs

While European regulators have staggered the start of clearing for financial counterparties, their threshold-based timeline makes the already vexing frontloading obligation almost impossible, critics say

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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