Esma sidelined consultative group during rule-writing
Industry group was not convened as Esma drew up draft clearing rules
The European Securities and Markets Authority (Esma) has not convened one of its industry consultative groups since November 2011, according to three members of the group – and the quality of proposed rules has suffered as a result, they say.
"This is a volunteering job, but if you ask people to consult on something and then don't make use of their time, what can Esma expect? We have only had three meetings, if I recall correctly," says a member of Esma's post-trade standing committee, which is
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