Narrow path to compromise on EU’s post-Brexit clearing rules
Lawmakers unlikely to support industry demand to delete Emir active accounts proposal altogether
For the financial sector, the fate of derivatives clearing has been one of the most contentious aspects of negotiations between the European Union and the UK ever since the 2016 Brexit vote. Now lobbyists think they see the outlines of a compromise that might satisfy EU lawmakers’ desire to onshore more of the clearing business from the UK, without causing major disruption for EU clearing members.
At the heart of the controversy is the idea that EU-regulated market participants must hold an
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