Final Esma clearing rules too rigid, CCPs say
Regulator has not given clearing houses enough freedom to calculate margin requirements, critics say - and Europe's CCPs may have to charge more for futures than their US rivals
Final European rules on margining and risk management policies for central counterparties (CCPs) are too rigid, and could require the region's clearing houses to collect more margin for futures trades than their competitors in the US, according to industry critics. The rules were published on September 27 by the European Securities and Markets Authority (Esma), following a seven-month consultation, and add detail to the clearing rules contained in the European Market Infrastructure Regulation.
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