Lawyers back Esma in clearing dispute with EC

Esma's objections to the EC's plan to exempt intragroup derivatives trades from clearing are on solid legal ground, say lawyers. But they warn it could further delay the start of clearing

Esma headquarters

Lawyers are backing the European Securities and Markets Authority (Esma) over objections it has raised with the European Commission's proposed clearing exemptions for intragroup trades, but warn it leaves the regulatory process in "uncharted territory".

"Esma cites a number of reasons as to why the commission's proposal would be a challenge, and I definitely sympathise with the logic of what they've put forward," says Emma Dwyer, a partner at law firm Allen & Overy in London.

On December 18, the

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options


Want to know what’s included in our free membership? Click here

This address will be used to create your account

Most read articles loading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here