Industry fears backdoor thresholds in active accounts debate
Confidential papers suggest a compromise, but requirements seen as too ambiguous
Dealers and clients fear the latest negotiations on post-Brexit derivatives rules may introduce quantitative requirements for minimum levels of clearing within the European Union “through the backdoor”, even though lawmakers ostensibly intend to avoid disruption to the industry. In particular, some say ambiguous drafting will allow the European Securities and Markets Authority too much room for interpretation.
“I think if Esma is in the driving seat and they are looking at these conditions
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