EC to delay frontloading of cleared swaps
The European Commission has written to Esma, informing it of plans to change the frontloading timeline, with the intention of removing uncertainty in the controversial requirement
The European Commission (EC) has confirmed it will amend the timeline for the frontloading of over-the-counter derivatives – which drags existing trades into Europe's clearing regime – pushing the window back two months for clearing members and five months for other larger investment firms. Dealers had complained that an earlier attempt to fix the controversial requirement had introduced a number of serious bugs.
In a letter to the European Securities and Markets Authority (Esma), sent on
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