Industry pushes to extend review for Emir active accounts rule

Fears that compressed timeframe leaves less than a year to test if controversial policy is working

Market participants are warning the 18-month period between new clearing rules entering into force in the European Union and a review to determine whether they are working is too short. If regulators conclude the new rules are not prompting EU-regulated firms to move sufficient volumes of derivatives clearing onshore, this could trigger a further round of tougher measures.

“One could imagine a bit more time to properly assess the impact of this,” an executive at a European bank says. An industry