City of London lobbies Treasury to defend UK's influence in OTC derivatives
Expert paper calls on HMT to ensure EU legislation on clearing and reporting doesn't damage London's dominance or inhibit market activity in particular asset classes.
The local government authority responsible for London's financial district is rolling up its sleeves for a Brussels-based scrap about the future of the over-the-counter derivatives market. According to an advisory paper obtained by Risk, the City of London wants HM Treasury – which will represent the UK in the coming European Parliament debate about OTC market regulation – to defend London's dominance in derivatives, and also to restrict the scope of reform.
Key goals for the Treasury, the paper
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