Indirect clearing to be overhauled in final Esma rules
Indirect clearing will not be compulsory, sources say – and a controversial 30-day guarantee for indirect clients will also be removed
Final rules on indirect clearing for over-the-counter derivatives, due to be published by the European Securities and Markets Authority (Esma) tomorrow, are expected to include a number of significant u-turns, after June 25 proposals were condemned as "unworkable" by banks.
"We are seeking to regulate an activity that doesn't exist on any scale so far, especially in OTC markets, so Esma has been open in saying there is further work needed on this standard, and we were keen to get constructive
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