Esma set to neuter Emir frontloading rule
Esma will write to EC, say MEPs, outlining plans to set maturity threshold so high that no trades will be caught by controversial provisions
European legislators have agreed to sideline the so-called frontloading provisions of Europe's swap clearing rules, according to members of the European Parliament (MEPs) who took part in crunch talks in Brussels yesterday. A formal letter outlining the plans is now expected to be sent by the European Securities and Markets Authority (Esma) to the European Commission (EC) – the other two participants in the three-way meeting.
Frontloading requires outstanding swaps to be cleared if they belong
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