Oesa: Europe little to learn from US clearing roll-out
European authorities are engaging with central counterparties and clearing members to avoid problems associated with the roll-out of clearing in the US, says Kate Wormald, founder and owner of Oesa Partners, talking to Luke Clancy
Should European authorities have followed the example of the US in rolling out clearing, phasing compliance and giving the European Securities and Markets Authority (Esma) the power to postpone start dates?
Although the Commodity Futures Trading Commission (CFTC) did implement a phase-in approach for different types of counterparties, the industry documentation produced by the Futures Industry Association and the International Swaps and Derivatives Association (Isda) was not available until very
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