Hitting the groundwork
As head of the EC’s financial markets infrastructure unit, Patrick Pearson is leading the effort to draw up new European legislation for derivatives. He talks to Risk about the progress of that effort and the importance of aligning the rules with similar legislation in the US and Asia
Crafting new rules for over-the-counter derivatives has proven to be no simple task. One need only look to the US, where possible exemptions from central clearing requirements for forex transactions and corporate end-users have been hotly debated ever since the US Treasury first published draft legislation in August 2009.
In Europe, the same discussions are taking place, but have yet to reach the political domain. The European Commission (EC), the legislative arm of the European Union (EU), is
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