Rules that will require some derivatives to trade on multilateral platforms are narrower in Europe than in the US, market participants are warning – which might make it difficult to obtain a so-called equivalence ruling, in which one jurisdiction allows its overseas firms to comply with local rules.
Mutual recognition of clearing rules between the EU and US – vital in easing cross-border derivatives trades – only came about after years of haggling, and trouble could now be brewing in the trading
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