Esma delays EU clearing of Nordic currency swaps
Worries that EU banks would lose customers in non-EU member Norway are likely behind the hiatus
European regulators have suspended plans to introduce mandatory clearing for interest rate derivatives in six Nordic currencies. Lawyers suggest the delay was prompted by fears that European Union banks would lose customers in non-EU member Norway.
Norway has still not transposed the European Market Infrastructure Regulation (Emir), requiring clearing of some swaps, into local law, and lawyers say it is unlikely to do so until sometime in 2016. If Norway did not mandate clearing of krone
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