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-building
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

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