Europe looking 'dysfunctional and extreme' over Esma equivalency procedure
No guarantee of equivalence being granted to Asian clearing houses
Chaotic implementation of the equivalency process by Europe's financial regulator combined with the increasingly unpredictable actions of the European Commission has left Europe looking "dysfunctional and extreme", according to a leading Singapore-based derivatives lawyer.
Paul Landless, partner at law firm Clifford Chance, was speaking on a panel at the FIA Asia conference in Singapore yesterday, when he described the September 3 and October 2 decisions to provide conditional equivalency to a
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