David Wigan looks at the challenges of implementing the clearing mandate in Europe in the first part of our four part series.
There’s many a slip twixt
the cup and the lip, goes an old English proverb that resonates
today. When the European Parliament’s flagship
post-crisis derivative legislation came into force last year,
market participants may have been forgiven for thinking that
much of the work in bringing transparency to complex markets
had been done. In fact, on recent evidence, it has only just
European Market Infrastructure Regulation (Emir) forms part of
the European equivalent to the US Dodd-Frank Act, which led to
the start of mandatory central clearing earlier this year and
the launch of mandated electronic derivative trading this
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