EU derivative reforms: the shape of things to come
On 15 September, the second anniversary of Lehman Brothers' bankruptcy no less, the European Commission published draft legislation overhauling the regulation of Europe's over-the-counter (OTC) derivatives market. The proposed legislation covers all OTC derivative contracts entered into by European Union-domiciled financial and non-financial institutions. It contains a framework for centrally clearing most standardised derivative contracts and scrutinising and controlling those which are not; beefy regulation of central counterparties (CCPs) and trade repositories; and strict reporting requirements to those newly-created trade repositories.
On 15 September, the second anniversary of Lehman Brothers’ bankruptcy no less, the European Commission published draft legislation overhauling the regulation of Europe’s over-the-counter (OTC) derivatives market.
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