European OTC client-clearing docs arrive after nine-month delay
Complete agreement proved impossible, but participants see new legal template as a good base for negotiations, Isda says
Users of client clearing services in Europe's over-the-counter derivatives markets now have a standard legal template to work from - the product of more than a year of negotiations between buy- and sell-side firms.
The European client cleared OTC derivatives addendum - published today by the Futures and Options Association (FOA) and the International Swaps and Derivatives Association - can be used with either an Isda or an FOA master agreement to document the relationship between clearing member
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